Hello sir
I am running my restaurant what is d impact on GST and my annual turnover is within 75 lacks how much should I paid d get and what r d books of accounts to be maintained.
3 Replies
Momin Ali
(156 Points)
Replied 12 July 2017
if your turnover within 75/50 lakh then u can take composition dealer registration and u have to pay 5% tax on turnover.
CA. MITHUN KHATRY
(CA IN PRACTICE)
(370 Points)
Replied 13 July 2017
In restaurant business inputs cost excluding renatls is about 35%, out of this many inputs are exempt
you will not get benefit of GST paid on inputs under composition scheme, even you will have to pay tax under RCM. so in case your premises is owned i.e you dont have to pay GST on rent , calculate your GST inputs, if your gst inputs are much below the monthly compliance cost for filing monthly returns under GST, go for composition scheme , dont collect any tax on your sales and pay tax @ 5% otherwise collect tax @ 18% (12% in case of NON-AC restaurant) on your sales, adjust it with inputs, pay balance tax and file monthly returns.
other formalities will depend upon your choice
for details read articles by CA Mithun Khatry at www.gstbible.com/blog
Vikram Mishra
(32 Points)
Replied 13 July 2017
GST Rates
Rates
Goods
Services
0%
Food grains
Education
Cereals
Healthcare
Milk
Residential accommodation
Jaggery
Hotel/ Lodges with tariff below INR 1000
Common Salt
5%
Coal
Goods transport
Sugar
Rail tickets (other than sleeper class)
Tea & Coffee
Economy class air tickets
Drugs & Medicine
Cab aggregators
Edible Oil
Selling space for advertisements in print media
Indian Sweets
12%
Fruit Juices
Works contract
Vegetable Juices
Business Class air travel
Beverages containing milk
Telecom services
Bio-gas fuel
Financial services
Fertilizers
Restaurant services
18%
Capital goods
Hotel/ Lodges with tariff between INR 1000 and 5000
Industrial intermediaries
Hair Oil
Soap
Toothpaste
28%
Air conditioner, Refrigerators
Cinema tickets, Betting, Gambling,
Hotel/ Lodges with tariff above INR 5000
28% + Cess
Small cars (1% / 3% cess)
Luxury cars(15% cess)
Rates
Goods
Services
0%
Food grains
Education
Cereals
Healthcare
Milk
Residential accommodation
Jaggery
Hotel/ Lodges with tariff below INR 1000
Common Salt
5%
Coal
Goods transport
Sugar
Rail tickets (other than sleeper class)
Tea & Coffee
Economy class air tickets
Drugs & Medicine
Cab aggregators
Edible Oil
Selling space for advertisements in print media
Indian Sweets
12%
Fruit Juices
Works contract
Vegetable Juices
Business Class air travel
Beverages containing milk
Telecom services
Bio-gas fuel
Financial services
Fertilizers
Restaurant services
18%
Capital goods
Hotel/ Lodges with tariff between INR 1000 and 5000
Industrial intermediaries
Hair Oil
Soap
Toothpaste
28%
Air conditioner, Refrigerators
Cinema tickets, Betting, Gambling,
Hotel/ Lodges with tariff above INR 5000
28% + Cess
Small cars (1% / 3% cess)
Luxury cars(15% cess)
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