GST registration for Retail Hardware Shop
This query is : Resolved
08 August 2020
Dear Sir
Shall I go gor composition scheme or regular GST
Regards
Vivek
Shall I go gor composition scheme or regular GST
Regards
Vivek
08 August 2020
You can opt for composition scheme if your turnover is less than 1.50 crore and your buyers are unregistered.
08 August 2020
For a shop with quite low turnover , it is better to opt for composition scheme but please be mindful that it comes with severe restrictions.The major ones are-
Cannot supply interstate – goods and services.
1.Cannot make export of/supply to SEZ, goods or services
2.Goods supplier cannot supply more than 10% services.
3.Cannot sell through e-commerce operator websites (say Amazon) who is collecting TCS.
4.Loose out on ITC of the GST paid on purchases of goods/services
5.Customers may insist on tax invoice with GST to claim ITC.
So it all depends on your expansion plans and customer base and plans.you will see a useful article on this in next couple of days. I am just in the process of finalising it.
Cannot supply interstate – goods and services.
1.Cannot make export of/supply to SEZ, goods or services
2.Goods supplier cannot supply more than 10% services.
3.Cannot sell through e-commerce operator websites (say Amazon) who is collecting TCS.
4.Loose out on ITC of the GST paid on purchases of goods/services
5.Customers may insist on tax invoice with GST to claim ITC.
So it all depends on your expansion plans and customer base and plans.you will see a useful article on this in next couple of days. I am just in the process of finalising it.
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