Query about gst registration

286 views 2 replies

Hello Everyone!,

I run a fast food restaurant ( Quick Service Restaruant ) non AC . My turnover for since inception of business ( 5 years ) has been less than 30 lakhs. I have not ben paying any tax other than Income tax as its a proprietory business . My major expenses come in form of Salaries, Groceries and Utilites.

I would like your suggestions if I should register under Compounding Scheme and pay 5% GST and forgo the Input tax Credit or register under  the  regular scheme of 12% applicable for non ac restaurants.

Thanks in Advance

Veeru

Replies (2)

You should register yourself in composition scheme as will pay less tax as compare to normal rate and as per your question there is not much items for which you have to pay gst so that you can claim the input credit.So it is advisable to opt for composition scheme

Thank you very much!yes

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