I sell 2 produce one is at 0% slab other is in 5 % gst tax slab. If I opt for composition scheme i have to pay tax on total turnover or taxable turnover in 5% slab
As per provisions related to Composition scheme, turnover include value of all taxable supplies, exempt supplies and exports made by person with same PAN, but would exclude inward supplies. GST will be applicable at a flat rate (as given below) on total turnover.
The eligibility criteria under composition scheme is having aggregate turnover upto Rs. 75 lakhs (Rs. 50 Lakhs for North Eastern States).
- Traders will have to pay 1% tax.
- Manufacturers will have to pay 2% tax.
- Restaurant businesses will have to pay 5% tax.
have a nice day.