composition scheme tax implication, Goods and Services Tax - GST

[mithun saha]

sir

my turnover consists of Nil Rates supply ₹ 100000/( Seeds)- and Taxable goods supply ₹ 100000/( fertilizer)- . I am under composition scheme. Under composition scheme on which i have to pay tax @1% either on total ₹ 200000/- or on taxable goods supply Rs.100000/-

please advise

Posts / Replies

[KASTURI SETHI]

1 % on taxable supplies only. However, for computation of ₹ 75 lakhs definition of 'aggregate turnover' has to be followed.

[Himansu Sekhar]

Only on taxable supply

[Ganeshan Kalyani]

Sir, the threshold limit for composition scheme of taxation is 75lacs. The rate of tax is 1% on taxable turnover.