A small retail cloth business person voluntary composite scheme new registered in gst act recently.
question:
A Dealer sales turnover and tax payment amount minimum and maximum every quarter any provision applicable in gst act.
Menu
Turnover and tax pay limit applicable for composite dealer
Replies (1)
As per Section 10 of CGST Act 2017, the registered person whose aggregate turnover during preceding financial year doesn't exceeds the 1 crore (75 lakhs as the case may be) may opt to pay tax at 1% (CGST+SGST) of taxable turnover of state in case of trader.
The provisions of section 10 doesn't provide explicitly any minimum or maximum amount of Tax to be paid. However the wording makes it clear that there is no minimum limit for turnover or tax but maximum limit for turnover is 1 crore (or 75 lacs as the case may be). Hence the maximum amount of tax is 1,00,000 (i.e. 1% of 1 crore) in case of trader.
The provisions of section 10 doesn't provide explicitly any minimum or maximum amount of Tax to be paid. However the wording makes it clear that there is no minimum limit for turnover or tax but maximum limit for turnover is 1 crore (or 75 lacs as the case may be). Hence the maximum amount of tax is 1,00,000 (i.e. 1% of 1 crore) in case of trader.
Recent Topics :
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
Related Topics :
CAclubindia
