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To Pay tax under composition scheme
One of my client run his business from many years ago......now he take registration under composition scheme.....My query is that whether he liable for pay 1% tax on after registration inward supply or whether he also liable to pay tax on old stock which is purchased before registration?
Replies (2)
He ll pay his sales related Turn Over value. Not on purchase value. After registration GST applicable Your all Sales with new and old Stocks/Purchases.
In composition levy, gst is to be paid on sales turnover not on purchases.
* For trader and manufacturer, it is 1%(cgst 0.5%+sgst 0.5%.
* For Restaurant, it is 5%(cgst 2.5%+sgst 2.5%)
Gst to be paid on total taxable outward supplies.
From 1jan18 no gst on exempted supplies.
* For trader and manufacturer, it is 1%(cgst 0.5%+sgst 0.5%.
* For Restaurant, it is 5%(cgst 2.5%+sgst 2.5%)
Gst to be paid on total taxable outward supplies.
From 1jan18 no gst on exempted supplies.
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