11 July 2017
I am commodity broker. I am very confused about the application of GST in my business. I earn commission/brokerage for transactions between 2 parties. The bill generated only contains the brokerage that i earn and not the commodity value as i dont purchase it.
Can anyone help me by answering the following questions:
1) When gross income exceeds 20 lakhs, will we get exemption of the same for the first time, like it used to happen in Service Tax? 2) If the business in within the exemption limit and we work for both inter state and within state then do we need to register for GST? 3) If the business in within the exemption limit and we work for only within state then do we need to register for GST?
Thank you for replying. Regarding the 2nd question i just want to clarify that we are not supplying directly. I just mediate between the buyer and seller who are in different states. I make the transaction happen between them. For that i get the commission. In such case, do i still need to register?
CAclubindia
