Sweet Shops/Bakery can opt for Composition scheme @ 1%
Or
Regular scheme @ 5% without ITC
Replies (4)
Quick Summary
This discussion focuses on the tax options available for sweet shops and bakeries. Businesses can choose between the composition scheme, which has a tax rate of 1%, or the regular scheme, which is taxed at 5%. The composition scheme is highlighted as a viable option, particularly without the need for ITCC (Input Tax Credit).