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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Retailer having TO < 50 lacs and Rent income
Replies (4)
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.
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
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
But as per Section 10(2) he should not engaged in supply of services other than referred to in clause (b) of Para 6 of schedule II..
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