Turnover is basis for tax rate

This query is : Resolved

kailash garg (Querist)
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14 May 2018 Dear sir,
As per my knowledge three scheme for GST

1. Normal scheme below 2000000/-
2. Composite scheme from 200000 to 7500000/-
3. Regular scheme above 7500000/-

if our sale is Rs 40,00,000 may I go for regular scheme and avial to take ITC credit or not

please suggest

vikash garg

CA Suresh Jain

CA Suresh Jain (Expert)
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14 May 2018 You can take decision by making a cost benefit analysis. Compare the amount of Composition tax payable by you versus difference between out GST and Input GST. If Composition tax is more, do not go for composition.

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kailash garg

kailash garg (Querist)
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14 May 2018 Dear sir

Turnover is not the base to accept the scheme which is beneficial for us will take and do the further process.
40 lakh is my turnover and beneficial to take regular scheme of ITC. it is ok please confirm.

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kailash garg

kailash garg (Querist)
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23 May 2018 PL SUGGEST IN ABOVE MATTER TURNOVER IS 40 LAKH MAY I GO FOR REGULAR SCHEME UNDER GST AND TALE ITC BENEFIT ON MY PURCHASE AND WHAT GST RETURN SHOULD TO FILE ON MONTHLY BASIS

PLEASE ADVICE

CA Suresh Jain

CA Suresh Jain (Expert)
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23 May 2018 You need to mail full detail of products traded by you, your purchase price and sales price and taxable service and other inputs received by you, then only it will be possible to advise.

kailash garg

kailash garg (Querist)
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28 May 2018 SMALL RETAIL CLOTH SHOP MOSTLY ALL LOCAL PURCHASE ONLY SOME ENTRY OF INTER STATE PURCHASE IN THE YEAR AND TOTAL LOCAL SALES AND PROFIT MARGIN 10 TO 15% ON PURCAHSE PRICES

PLEASE GUIDE TO GO FOR REGULAR SCHEME AND TAKE ITC BENEFIT OR NOT