Jewellery business..

For a jewellery business with turnover below £1.5 crore and no interstate sales, the choice between the GST composition and regular schemes is discussed. The regular scheme is generally recommended, especially if you purchase from GST-registered suppliers, as it allows for input tax credit. The composition scheme, while simpler, doesn't allow for input tax credit and has a 1% tax on sales. While there are no additional returns beyond income tax, the regular scheme is often more beneficial if you can manage the accounting and compliance.