A gst registered composite scheme dealer trading of medicines sales.
1. sales turnover April to December,2019 Rs.22,00,000/- Rs.22000/- composite tax paid.
2. same person income from shop rent received Rs.36000/- from April to December,2019
question:
A dealer income from shop rent gst applicable and rate of tax applicable(1% or 18%).
It is taxable @ 1%
As per the provisions , a composition dealer can supply service up to value of 10% of turnover of preceding financial year or Rs. 5,00,000 whichever is HIGHER.
Important Note : However , any service received by the composition dealer , which is chargeable to tax under RCM then such dealer is required to pay tax under RCM @ 18 %.
CAclubindia
