I HAVE AN ICE CREAM PARLOUR WE WE MAKE ICR CREAMS OF DIFFERENT FLAVOURS AND SELL TO CUSTOMERS. ALONG WITH THIS WE KEEP SNAKS LIKE PIZZA BURGER ETC BUT MAJOR COMMODITY IS ICE CREAM. ARE WE ELIGIBLE FOR 5% TAX RATE WE ARE UNDER REGULAR SCHEME.OR ARE WE REQUIRED TO COLLECT FULL RATE OF TAX AND CLAIN INPUT TAX
Menu
Gst rate of ice cream parlours
Replies (3)
no you can't take advantage of composition scheme.
you have correct gst at normal (full) rate and claim input tax
you have correct gst at normal (full) rate and claim input tax
to claim benefit of composition scheme (i.e. 2% for manufacturers) you should engage in exclusively in goods other than excluded from composition scheme
Since you r a manufacturer of ice cream, you are not eligible to opt for the Composition Scheme under Section 10 of CGST Act and pay quarterly tax. You are eligible to collect 5% GST ( 2.5% CGST & 2.5% SGST) from your customer's.
And as far as the Input Tax Credit ( ITC ) is concerned, Restaurant Service Provider are not eligible to get the benefit of ITC.
And as far as the Input Tax Credit ( ITC ) is concerned, Restaurant Service Provider are not eligible to get the benefit of ITC.
Recent Topics :
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
Related Topics :
CAclubindia
