I am registered under the composition scheme, my turnover in 2018-19 by retail medical store is below 30 lacks,& income from shop rent is 3.6 lacks per year, 1)what rate i have to pay tax, 2)should I cancel my gst as per new gst registration limit
9 Replies
Monali Dua
(Manager)
(266 Points)
Replied 24 April 2019
1. You cannot opt composition scheme, as your service supply is more than 10% of aggregate supply.
2. For mixed supply the limit is same as before, i,e, 20 lakhsm so you cannot cancel your registration.
Padmanathan Kv
(2127 Points)
Replied 24 April 2019
Since your supply of service exceeds 10% of aggregate supply, you cannot opt for composition supply. However wef from 1st april 2019, you can opt to pay tax at 6% as your aggregate turnover is less than 50 lakhs vide notification 2/2019 central tax rate dt 7-3-2019
Sejal Golecha
(49 Points)
Replied 24 April 2019
Income from rent in 2018-19 is less than 2.4 lack, purchase is 24 lack, sale is 27.5 lack
In this year i.e 2019-20 it is expected to be 3.6 lacks in rent received throughout the year, turnover should remain 27 lacks purchase & sale 32 lacks
Is composition scheme allowed to me
Madhvi kashyapa
(student)
(285 Points)
Replied 24 April 2019
Yes, you can get registered with 6% composition rate scheme, i.e. mixed supply upto Rs. 50 lakhs.
Sejal Golecha
(49 Points)
Replied 24 April 2019
if I have no rental income, then can I cancel my gst registration
Madhvi kashyapa
(student)
(285 Points)
Replied 24 April 2019
Yes, in that case only trading of goods upto 40 lakhs ...
Sejal Golecha
(49 Points)
Replied 24 April 2019
After cancellation if I earn rental income then what
Sejal Golecha
(49 Points)
Replied 24 April 2019
if my rental income is less than 10% of my business turnover then @ what rate i have to pay tax
for example
my turnover 30 lack purchase, 37 lack sale, rental income 3 lacks
then what is my tax liability under composition scheme
for example
my turnover 30 lack purchase, 37 lack sale, rental income 3 lacks
then what is my tax liability under composition scheme
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