17 July 2017
sir, my friend's business turnover is less than 20 lakhs per anum. But he voluntarily registered for GST under composition scheme.
Do he need to pay tax @1% on sales even if turnover is less than 20lakhs?
He is also selling exempted goods, 0% tax goods and taxable goods On which goods he need to pay tax?
17 July 2017
Turnover includes all outward supply, exempted supply & taxable supply. If a person takes registration under GST even if his aggregate turnover is less than Rs.20 lakhs, he can opt for Composition scheme. For trading business GST is 1% on taxable goods.
CAclubindia
