GST COMPOSITE SCHEME Business with ANNUAL TURNOVER UPTO Rs 1.5 crore can opt for Composition scheme Turnover of all businesses with same PAN has to added to calculate turnover for the purpose of composite scheme.
Types of Business Manufacturer and Trader(goods) 0.5% Restaurants not serving alcohol 2.5% Service providers are not included in composite scheme CGST SGST TOTAL 1% 5% 0.5% 2.5%
Reverse Charge Mechanism GST Trader/sellerGOVERNMENT BUYERSELLER
GST REGISTRATION IF TRADER HAS TURNOVER MORE THAN 20 LAC IF TRADER OF HILLY AREAS HAS TURNOVER MORE THAN 10 LAC
WHICH OF THE FOLLOWING STATEMENT IS/ARE CORRECT REGARDING COMPOSITE SCHEME 1. ALL TRADERS AND SERVICE PROVIDER HAVING TURNOVER UPTO RS 1.5 CRORE WILL BE INCLUDED. 2. FOR TRADER GST RATE WILL BE 1% MORE THAN MANUFACTURER IN COMPOSITE SCHEME. CODES a. Only 1 b. only 2 c. 1 and 2 d. neither 1 nor 2
Which of the following statement is true about reverse charge mechanism: a. When GST is paid by buyer directly to Government b. When GST is paid by seller directly to Government c. When GST is paid by interstate seller. d. When previous seller received back the GST
MBA,PGDFM Author of Bhavishya Arthik Patrika(for Civil Services), worked in SBI group for 7 years, teaching indian economy to UPSC student