if business turnover from pharmacy business is 32 lakhs and the person is having income from rental property used for commercial purpose 5 lacs.
what is registration limit under gst. is it possible to go for composition scheme.
and also wanted to know the tax rates.
The agreegate turnover is 37 (32+5)
Yes can opt for New Scheme same as composition scheme .
As per Notification 2/2019 CT (r) :
supply of Goods , services or both whose turnover is upto 50lac can opt this scheme.
Rate of Tax is 6% on turnover (without ITC).
Note : Composit dealer can opt for this scheme.
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