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Type of Registration?

13 December 2019

I am interested in Wholesale business of different category of goods under different slabs. Now
my query is which type of GST Registration is suitable for me. Any please help me by suggesting a suitable one, Thankyou-Lalitha

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7 Replies

Shivam RC (Student) (23683 Points)
Replied 13 December 2019

Better to opt for REGULAR SCHEME REGISTRATION u/s 22 of the CGST Act 2017. You will be able to claim ITC on your input, input services and capital goods.

What is your Expected Turnover ???

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Miss Mansi Bhojani (Practicing Chartered Accountant) (1736 Points)
Replied 13 December 2019

Regular or composition scheme depends upon the turnover expected to be reached in that year. Also if your party are gst registered or not and to avail that ITC or not depends to opt which type of registration.

2 Like

NITYA LALITHA (23 Points)
Replied 13 December 2019

Thankyou for clarification. I have one more doubt. For example I bought an item for Rs.100+18%gst. if I sold it with a margin of Rs.20, total 100+18+20=138. In composite scheme how much tax I have to pay. Kindly clarify

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Shivam RC (Student) (23683 Points)
Replied 13 December 2019

Under Composition Scheme, you have to pay 1% GST on Rs. 138 i.e. Rs. 1.38/- out of your "OWN POCKET".

4 Like

Krunal Patel (2 Points)
Replied 14 December 2019

If you taken normal scheme GST 118+20×18% =24.84
ITC. =18
GST playable=6.84
in composition scheme GST will be 118+20×1%=13.8
in composition no ITC will available and some condition for composition scheme is applied

one of the most condition turnover is not exceed than 150 lakh or 100 lakh in some state in F.Y

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 14 December 2019

Yes it's better to go for Regular Registration.

Manish Kumar (CA in Practice) (69 Points)
Replied 26 December 2019

For GST Registrations you must check your eligibility as per the provisions of GST Act. Type of registration such as regular , composition etc depends on the scale of business you want to do . Example For turnover upto 1.5 Cr Composition can be opted but restrictions must be taken into consideration for the same.

For GST registration limits : GST REGISTRATION LIMIT