GST BUSINESS
This query is : Resolved
16 December 2024
BOREWELL SERVICE IS APPLICABLE FOR GST COMPOSITION SCHEME ????
16 December 2024
No, borewell drilling services are not applicable for the GST Composition Scheme due to their classification as works contracts and the complexities involved in distinguishing between supply of goods and services in this context. Borewell drilling involves elements of both goods and services, classified as a works contract under GST law.
16 December 2024
AS PER 2ND OPINION BORE WELL SERVICE IS IN NATURE OF WORKS CONTRACT
WORKS CONTRACT IS INCLUDED IN SUPPLY OF SERVICE
CAN WE OPT COMPOSITION SCHME 3%+3% ?
WORKS CONTRACT IS INCLUDED IN SUPPLY OF SERVICE
CAN WE OPT COMPOSITION SCHME 3%+3% ?
16 December 2024
For works contract, the scheme applies under the following conditions:
Contractors with an annual turnover of up to ₹50 lakhs can opt for the composition scheme.
GST is charged at a concessional rate of 6% (3% CGST + 3% SGST) on taxable turnover.
Businesses opting for the scheme cannot claim Input Tax Credit (ITC).
It is applicable only for services provided to unregistered persons or end consumers, not for inter-state or government contracts.
Contractors with an annual turnover of up to ₹50 lakhs can opt for the composition scheme.
GST is charged at a concessional rate of 6% (3% CGST + 3% SGST) on taxable turnover.
Businesses opting for the scheme cannot claim Input Tax Credit (ITC).
It is applicable only for services provided to unregistered persons or end consumers, not for inter-state or government contracts.
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