if i sale 40 lakh in annual year.
how much per cent tax is appplicable
15 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 19 June 2017
If you are manufacturer(other than of ice cream, pan masala,tobacco) then 2% & in other cases it is 1%
Lalit Nagpal
(Assistant Manager)
(541 Points)
Replied 19 June 2017
In addition to above if you are running restaurant then Rate will be 5%.
rocky
(accountant)
(953 Points)
Replied 20 June 2017
rate has been changed in meeting of 11.6.2017
for traders 0.5%
for manufactor 1%
for restaurant owner 2.5%
for traders 0.5%
for manufactor 1%
for restaurant owner 2.5%
percy
(B.Com)
(370 Points)
Replied 20 June 2017
what rate applicable fr photocopy business under composite scheme
rocky
(accountant)
(953 Points)
Replied 20 June 2017
photo copy is a service, composition is not alowed
percy
(B.Com)
(370 Points)
Replied 20 June 2017
boss..my material cost for making copies is 60 percent..I make a new product fr them n hence I think it can qualify...plus it's a small bissiness
percy
(B.Com)
(370 Points)
Replied 20 June 2017
some have guided me that as my material cost is nearly 50 percent I can qualify as manufacturer
Lalit Nagpal
(Assistant Manager)
(541 Points)
Replied 20 June 2017
@ rockey these rates are of cgst and sgst will also be applicable with same rate hence rate will be doubled.
rocky
(accountant)
(953 Points)
Replied 20 June 2017
The category of registered persons, eligible for composition levy under section 10 and these rules, specified in column (2) of the Table below shall pay tax under section 10 at the rate specified in column (3) of the said Table:
(1) (2) 1 Manufacturers, other than manufacturers of such goods as may be notified by the Government one per cent. 2 Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II two and a half per cent. 3 Any other supplier eligible for composition levy under sec.10
(1) (2) 1 Manufacturers, other than manufacturers of such goods as may be notified by the Government one per cent. 2 Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II two and a half per cent. 3 Any other supplier eligible for composition levy under sec.10
Sk Suri
(6 Points)
Replied 26 June 2017
suri sk have a tdg firmin regular vat turnover less than 50 lack desire to opt for compo scm close stock 30 Jun appx 35 lack all u p purchase from read dealer will have to pay previous vat on it or not ?
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