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Jewellery business..

24 January 2022

which scheme is good for jewellery compostion or regular.??.i have no interstate sale and turnover is below 1.5 cr. and is there any additional return other than gst to be filed in case of jewellary..?

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3 Replies

CS Advocate Abhishek Goyal (M Com FCS LLB M-AIMA ) (13531 Points)
Replied 24 January 2022

The choice between composition and regular in this case depends upon whether you largely have purchases from GST registered parties. If yes you should go for regular scheme as you will be able to get input tax credit on GST paid on purchases made by you which can be adjusted against your output tax liability. Whereas in composition you will not take any input tax credit and pay tax at 1% on sales shown by you.

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Vishaal Vk (65 Points)
Replied 24 January 2022

My Family Business is into Jewellery. Seeing the market conditions & Profits..... i could highly suggest you to be in regular scheme. Composition scheme has its drawbacks which will not be feasible.... No additional returns. other than Income tax.

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Pankaj Rawat (GST Practitioner) (55030 Points)
Replied 24 January 2022

It's depends upon the profit margin .
But in my view if you have enough resources for handling accounting & GST compliance you must go for Regular scheme.

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