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.
Shankar Gowda (13 Points)
12 July 2017
Momin Ali
(156 Points)
Replied 12 July 2017
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
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
