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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Rent on gst on self ownership commercial property
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
