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Query regarding Composition Registration
A veterinary doctor wants to register under composition scheme. He also deals in medicine selling and laboratory service. What will the rate of tax i.e. 1% or 6%? Will he be covered under service provider or trader?
Replies (4)
Quick Summary
I don't know how its possible...
Bcoz,
A Doctor can't act a Medicine seller and Laboratory service...!!!
Bcoz,
A Doctor can't act a Medicine seller and Laboratory service...!!!
Pay 1% on medicine selling and 6% on laboratory service and he will be covered under both service and trader
How can we pay tax at two different rates under composition scheme? We have to choose one major supply i.e. supply of services or supply of goods.
A veterinary doctor with medicine sales and lab:
• Veterinary clinical services (health care of animals or birds) are exempt under Notf 12/2017. Medicine sales are taxable goods. Lab services that form part of veterinary care are exempt.
• Composition for goods (1%) is available up to Rs 1.5 crore turnover. A goods-composition dealer may supply services up to 10% of turnover or Rs 5 lakh, whichever is higher; exempt services are generally excluded from that computation.
• Practically, register under composition for medicine sales, with veterinary services exempt.
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