I am registered under the composition scheme, my turnover in 2018-19 by retail medical store is below 30 lacks,& income from shop rent is 3.6 lacks per year, 1)what rate i have to pay tax, 2)should I cancel my gst as per new gst registration limit
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Rental income earned composition dealer
Replies (9)
1. You cannot opt composition scheme, as your service supply is more than 10% of aggregate supply.
2. For mixed supply the limit is same as before, i,e, 20 lakhsm so you cannot cancel your registration.
Since your supply of service exceeds 10% of aggregate supply, you cannot opt for composition supply. However wef from 1st april 2019, you can opt to pay tax at 6% as your aggregate turnover is less than 50 lakhs vide notification 2/2019 central tax rate dt 7-3-2019
Income from rent in 2018-19 is less than 2.4 lack, purchase is 24 lack, sale is 27.5 lack
In this year i.e 2019-20 it is expected to be 3.6 lacks in rent received throughout the year, turnover should remain 27 lacks purchase & sale 32 lacks
Is composition scheme allowed to me
Yes, you can get registered with 6% composition rate scheme, i.e. mixed supply upto Rs. 50 lakhs.
if I have no rental income, then can I cancel my gst registration
Yes, in that case only trading of goods upto 40 lakhs ...
After cancellation if I earn rental income then what
LIABLE TO REGISTER AGAIN ..
if my rental income is less than 10% of my business turnover then @ what rate i have to pay tax
for example
my turnover 30 lack purchase, 37 lack sale, rental income 3 lacks
then what is my tax liability under composition scheme
for example
my turnover 30 lack purchase, 37 lack sale, rental income 3 lacks
then what is my tax liability under composition scheme
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