I am not clear about those restaurant who are having turnover of more than 1.5 cr.
Are they compulsarily follow Composition scheme with 5% tax rate with no ITC
OR
They can opt Regular scheme?
CA. Ankit Garg (Chartered Accountant) (73 Points)
11 May 2018I am not clear about those restaurant who are having turnover of more than 1.5 cr.
Are they compulsarily follow Composition scheme with 5% tax rate with no ITC
OR
They can opt Regular scheme?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166305 Points)
Replied 11 May 2018
Rates over restaurants remain same...... i.e. 5% without ITC (except starred hotels).........
But because of turnover limit, such resturants have to opt regular scheme.
Upkar Singla
(7 Points)
Replied 11 May 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166305 Points)
Replied 11 May 2018
No. Only over Taxable supplies.....
CA. Ankit Garg
(Chartered Accountant)
(73 Points)
Replied 11 May 2018
So if i summarize,
If turnover is less than 1 Cr. => COMPOSITION SCHEME (Quarterly Returns) + 5% tax on Taxable Supplies + No ITC Allowed.
If Turnover is aboe 1 Cr => REGULAR SCHEME (Monthly Returns) + 5% tax on taxable Supplies + No ITC Allowed.
Is that Correct Sir??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166305 Points)
Replied 11 May 2018
Correct ... that's position as on date.......... And in first option Composition is not mandatory.
One more difference is charging of GST.......... Composition dealer can only issue bill of supply, while regular dealer can issue tax invoice with GST charged extra.
CA. Ankit Garg
(Chartered Accountant)
(73 Points)
Replied 11 May 2018
Thanks alot for sharing knowledge.
praveen chopra
(2 Points)
Replied 10 November 2018
dear sir
if restaurent opt for regular scheme than in GSTR 3B , ITC detail should not be entered ???
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