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Retailer having TO < 50 lacs and Rent income

CA. Sangeeta Bordia (PARTNER) (29 Points)

31 May 2017

a retail is having turnover of less then 50 lacs and eligible for composition scheme. he is also earning rent income of 8 lacs and also Job work receipt is 5 lacs. whether he is eligible for composition.

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4 Replies

Subodh Sharma (Tax Consultant) (41 Points)
Replied 31 May 2017

Yes, he will be eligible for composition scheme as the other sources of income will be calculated on his personal income and the income tax will be applicable to the other two sources.

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CA. Ankit Vijaywargiya (Practising Chartered Accountant ) (72 Points)
Replied 31 May 2017

As per Section 10 of CGST registered dealer is eligible for composition aggregate turnover in the preeceding financial year does not exceeds Rs. 50 lakhs.

Aggregate turnover means aggregate value of all supplies ( section 2(6)) thus in light of above provision such retailer is still eligible for composition scheme if his aggregate turnover along with rent and jobwork does not exceed Rs. 50 lakhs

CA. Ankit Vijaywargiya (Practising Chartered Accountant ) (72 Points)
Replied 31 May 2017

As per Section 10 of CGST registered dealer is eligible for composition aggregate turnover in the preeceding financial year does not exceeds Rs. 50 lakhs.