Type of Registration?


NITYA LALITHA   13 December 2019

NITYA LALITHA

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I am interested in Wholesale business of different category of goods under different slabs. Now
my query is which type of GST Registration is suitable for me. Any please help me by suggesting a suitable one, Thankyou-Lalitha

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Shivam RC (Student)     13 December 2019

Shivam RC
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Better to opt for REGULAR SCHEME REGISTRATION u/s 22 of the CGST Act 2017. You will be able to claim ITC on your input, input services and capital goods.

What is your Expected Turnover ???

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Miss Mansi Bhojani (Practicing Chartered Accountant)     13 December 2019

Miss Mansi Bhojani
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Regular or composition scheme depends upon the turnover expected to be reached in that year. Also if your party are gst registered or not and to avail that ITC or not depends to opt which type of registration.

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NITYA LALITHA   13 December 2019

NITYA LALITHA

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Thankyou for clarification. I have one more doubt. For example I bought an item for Rs.100+18%gst. if I sold it with a margin of Rs.20, total 100+18+20=138. In composite scheme how much tax I have to pay. Kindly clarify

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Shivam RC (Student)     13 December 2019

Shivam RC
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Under Composition Scheme, you have to pay 1% GST on Rs. 138 i.e. Rs. 1.38/- out of your "OWN POCKET".

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Krunal Patel   14 December 2019

Krunal Patel

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If you taken normal scheme GST 118+20×18% =24.84
ITC. =18
GST playable=6.84
in composition scheme GST will be 118+20×1%=13.8
in composition no ITC will available and some condition for composition scheme is applied


one of the most condition turnover is not exceed than 150 lakh or 100 lakh in some state in F.Y

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Pankaj Rawat (GST Practitioner)     14 December 2019

Pankaj Rawat
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Yes it's better to go for Regular Registration.

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Rukmani Gupta (Proprietor)     26 December 2019

Rukmani Gupta
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If your turnover in this or by next year does not seem to be over 1.5 cr, it is always better to register in Composite Scheme, Because GST registration in Composition Scheme will help you to stay away from lot of record maintenance & GST filings as in Composite Scheme, you only need to file GSTR-4 quarterly.  

In that case for a new business, you can focus on your business more than on compliances.

If turnover is likely to exceed 1.5 cr, you have no option other than to go for Regular GST registration.

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Manish Kumar (CA in Practice)     26 December 2019

Manish Kumar
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For GST Registrations you must check your eligibility as per the provisions of GST Act. Type of registration such as regular , composition etc depends on the scale of business you want to do . Example For turnover upto 1.5 Cr Composition can be opted but restrictions must be taken into consideration for the same.

For GST registration limits : GST REGISTRATION LIMIT


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