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Expert Advice Needed - GST Composition Scheme

217 views 9 replies

Romil Davda

Article

111 Points Joined July 2014

i have business having turnover of 45 lacs and rent income of about. 1.5 L .
Can i opt for composition scheme ?

read sec 10(2)

Replies (9)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

No....
You can't opt composition scheme...

CA. Ramiz M. Rather

Partner at AHM & CO Chartered Accountan

106 Points Joined April 2008

No
In case of supply of service composition scheme is available to Restaurant service only. In your case one of your business vertical is ineligible for composition scheme, so all of your business verticals become automatically ineligible.

Romil Davda

Article

111 Points Joined July 2014

okay thanks both...can you further tell me any tax planning on how i can solve this if i want to continue with composition?

CA. Ramiz M. Rather

Partner at AHM & CO Chartered Accountan

106 Points Joined April 2008

I just want to know have u let out your property for commercial purposes or residential purposes. If for residential purposes then it is non-GST supply. Then u can continue with composition scheme.

Romil Davda

Article

111 Points Joined July 2014

yeah its commercial...i forgot to tell that...so its taxable..

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Yes... It's taxable..
No way for opt to composition scheme. You ll be adjust your ITC to Rent income. Otherwise have any liabilities then pay...

CA. Ramiz M. Rather

Partner at AHM & CO Chartered Accountan

106 Points Joined April 2008

See incase u have different registrations for different business verticals. Still u can't opt for composition scheme untill and unless ur all registrations are on single pan.