Please resolve my issue regarding gst ?

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engineer
309 Points Joined August 2014

respected all querry solver  ,

 

i am a normal shopkeeper . i own a shop . i want to run a hardware and plywood shop . i decided to open a shop with 10 lakh amount . will i have to register my self for gst ? if i purchase from gst registered  seller then they will collect gst from me . but when i will sell to my final customer ( not to any other seller ) how will i put gst on them ? or i have no right to collect gst ... only profit will i add to my cost price and silmple bill of supply i will generate ? will i also have to submit gst tax on my profit ? or simple profit loss machenism will apply in my business and on my profit i will pay only my aanual income tax ? please resolve my issue ... 

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On 13 September 2017 at 19:58 Report
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45 Points Joined July 2017
Sir if it is better take gst to avail input tax credit if purchase from registered dealer if u supplying with in state u opt for composite scheme on that u won't claim itc quarterly u have pay tax threshold limit is 75lacs this scheme applicable only transaction with in state other wise ur transactions out side state u have to register under normal scheme
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On 13 September 2017 at 20:18
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45 Points Joined July 2017
Sir if it is better take gst to avail input tax credit if purchase from registered dealer if u supplying with in state u opt for composite scheme on that u won't claim itc quarterly u have pay tax threshold limit is 75lacs this scheme applicable only transaction with in state other wise ur transactions out side state u have to register under normal scheme
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On 13 September 2017 at 20:19
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engineer
309 Points Joined August 2014

sir .... suppose if i purchase a product for rs 100 from a registered dealer ... he will put 20% gst on it ( for example ) . then its value become 120 . if i sell to customer for rs 140 it means i earned rs 20 . tell me will i have to pay gst on my profit to govt .... since i am below 20 lakh scheme do i need to pay tax or simply at the end of finacial year on my total profit i will have to pay only income tax ???? 

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On 13 September 2017 at 20:50
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engineer
309 Points Joined August 2014
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On 13 September 2017 at 20:55
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Student
38 Points Joined September 2017
In that case you have to pay tax only income tax.
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On 13 September 2017 at 21:04
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
@ erdeep.,
Please tell me...
You are new in GST...?
You are registered under VAT or not...?
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On 13 September 2017 at 21:05
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engineer
309 Points Joined August 2014

Sir RAJA P M , i am starting a business in sept month 2017 . my total budget for my business is rs 10 lakh . 

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On 13 September 2017 at 21:08
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
Once you ll opt in GST then you can follow all the rules as per law.
GST is Indirect tax system. IT direct tax system. So, It's not applicable both in one...

If you are purchased Rs. 100 + 20(tax) then you can add the profit on Rs. 100. Not in whole bill amount as 120. After you can add tax on 120 + 24 = 144.
Then you ll be show the sale bill details in GSTR 1 as total value is 144. After its spliced 120 & 24....
Your purchase details in GSTR 2 / 2A. 2A is autopopulated from your supplier. It's shown as follow 100 & 20...
After adjusted in GSTR 3 it's shown your liability as 4. It's payable by You....
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On 13 September 2017 at 22:05
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
After closing the FY then you ll be show the details in income tax as Your turn over is Rs. 120 purchase is 100. And any expenses add in purchase side as expenditure... Then calculate and pay the income tax as any liabilities from your side...
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On 13 September 2017 at 22:07
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engineer
309 Points Joined August 2014
sir .... my starting turnover is below 10 lakh . should i opt gst registration .??? if i dont opt what will be the tax calculation mechanism ??
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On 13 September 2017 at 22:26
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
GST registration threshold limit 20lakhs. If your turn over is 10lakhs then no need registration in GST.
In case you want registration Valundary basis then you ll follow above said way is must..
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On 13 September 2017 at 22:29
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CMA
150 Points Joined March 2013
I think your turn over may go beyond 20 lacs as your initial invt is 10 lacs and as per general business practice it may rotate by minimum 3 to 4 times so it is better to go for registration.
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On 13 September 2017 at 22:40
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engineer
309 Points Joined August 2014
sir my question is .... since i am beliw 20 lakh limit ..... if i purchase something and then sell and make profit ... then will i also have to calculate on my profit . or no need to pay any taxes related to gst .
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On 13 September 2017 at 22:40
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CMA
150 Points Joined March 2013
if u are sure that u will not go beyond 20 lacs then no need to g for GST registration and no need to pay GST on your sale
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On 13 September 2017 at 22:43


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