A dealer maintained a pharmacy stores.estimated turnover rs:90 lacs yearly.sales to urd customers transactions only.
Question:
Dealer benefit for composite or regular scheme registered in gst act.
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REGULAR OR COMPOSITE SCHEME BENEFIT FOR PHARMACY STORES DEALER
Replies (3)
DUE TO MRP, FOR PHARMACY STORE REGULAR SCHEME IS BENEFICIAL.
Take regular registration
For a pharmacy store with ₹90 lakh turnover, the Regular Scheme is more beneficial. It allows claiming input tax credit (ITC), which is crucial for businesses dealing with MRP products. The Composite Scheme would be less beneficial due to its flat-rate tax and no ITC claims.
If selling products like semenax pills, the Regular Scheme ensures proper tax handling and input credits on purchases.
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