Lump sum tax
sunit garg (9 Points)
27 May 2017
what are the slabs for lump sum tax for turnover upto Rs. One Crore or more in GST???
3 Replies
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 27 May 2017
There is no such conept of lump sum tax and all in GST. There is a composition scheme, under which any entity having turnover of less than 50 Lacs Rupees can pay tax at flat GST rate. Rates specified are 2.5% for restaurants, 1% for manufacturers and 0.5% for others.
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