composition scheme
Ajeet Singh (12 Points)
27 June 2017
is the composition scheme available for jewellers....?
3 Replies
CA Aravind Penugonda
(Chartered Accountant)
(311 Points)
Replied 27 June 2017
Dear Ajeeth Singh,
Jewellers are eligible for Composition scheme. No restriction has been put on them till date.
Karan Batra
(Creator: TheProTalks)
(2325 Points)
Replied 27 June 2017
Tax rate is fixed at 3 %, As per my interpretation composition scheme is not applicable on jewellers, for further clarity on composition scheme and applicable tax rates for jewellers under GST you can visit following websites.
/articles/composition-scheme-gst-30293.asp
https://www.business-standard.com/article/economy-policy/gst-jewellers-breathe-easy-with-3-tax-on-gold-0-25-on-rough-diamond-117060300892_1.H T M L
CA Aravind Penugonda
(Chartered Accountant)
(311 Points)
Replied 27 June 2017
Dear Karan Batra,
Till date, GST Council has notified only 3 goods not eligible for Composition scheme - Tobacco, Pan masala, Ice creams/ blocks etc
Jewellery has not been specified in such list. Hence, I feel jewellers are also eligible for composition scheme. However, this may be taken off.
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