GST Should I collect GST ? I am not sure of my turnover volume.I am registered for GST .

Discussion in 'GST (Goods & Service Tax)' started by Sanjay Paranjpe, Aug 20, 2017.

  1. Sanjay Paranjpe

    Sanjay Paranjpe New Member

    I have started bicycle manufacture since last year. I have collected raw material stock before April.
    I have got GST no. based on my VAT No. earlier.
    Now I do not know if my turnover will be below Rs. 20 Lacs, below Rs. 75 Lacs or over that during current financial year. Should I collect full GST on my sales ? Or should I opt for composition scheme? Will I get refund of the G.S.T. I pay on raw material procurement in this year and the E.D. and VAT what I payed on what I procured last year?
     
  2. Arjun Kumar Jain

    Arjun Kumar Jain New Member

    If u got Normal registration in GST then Credit of VAT & Excise is available in GST regime and it can be set off from output liability of SGST & CGST respectively.

    Under composition scheme you cannot claim of ITC paid on inputs. Now it's up to you which option will be beneficial for your business. If your business turnover is not exceeds Rs. 75 Lakh or 50 lakh as the case may during current financial year then you can opt this composition scheme. If turnover exceed any time during the financial year then obtain normal registration under gst.
     
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