Become a Govt. Certified GST Practitioner in just 58 hours. Register Now!

Regarding turnover

CHIRAG DEEPAK GANATRA (CA FINAL) (1054 Points)

08 January 2015

One of My Client has Food stall near by Chaupati.

if i Show Net profit 500000/- and turnover 25Lac

then any problem?

Reply
Follow
Share

6 Replies

CA Pavan Talreja (Practicing) (90 Points)
Replied 08 January 2015

Your Net profit margin in this case is 20%. What problem could it have?

Upgrade to CAclubindia Pro. Subscribe Now!

CHIRAG DEEPAK GANATRA (CA FINAL) (1054 Points)
Replied 08 January 2015

turnover above 10 lac

so VAT or service tax attaracts?

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 08 January 2015

if your client is serving to customers then Service tax is applicable but if there is SELF SERVICE system then no service tax is leviable.

CHIRAG DEEPAK GANATRA (CA FINAL) (1054 Points)
Replied 08 January 2015

this is stall of dosa ...

so service tax applicable???

Alok (AT) (24 Points)
Replied 08 January 2015

In my openion there is no problem

Upgrade to CAclubindia Pro. Subscribe Now!

Alok (AT) (24 Points)
Replied 08 January 2015

I think st is not applicable on food stall bcoz From 1st April 2013, now service tax is applicable only if the restaurant has the facility of air-conditioning or central air heating in any part of the establishment at any time during the year . If the restaurant does not have any of these, no service tax will be applicable. Hence it is irrelevant whether the food restaurant have the liquor license or not.