28 May 2019
A person registered composite scheme gst trading for jewellery business. A person another income majuries collections and income from interests(money lending business).received My question majuries collections and interests income gst applicable or not.
28 May 2019
Interest received is nil rated supply and hence no GST applicable on it.
Labour charges taken from customer is taxable supply ( supply of service) . From 01 April 2019 you can opt for composition scheme even if you engaged in supply of services. But you have to pay tax @6% on first Rs.50,00,000/-.
28 May 2019
Also a thing to be considered that you can opt composition only when you have aggregate turnover excluding interest will be less than Rs.50,00,000
CAclubindia
