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If my business turnover is less than Rs. 1.5 crore, when I buy fabric with 5 % GST included in it, will I get that back when I pay my GST?

Asked 2018-02-13 02:51:11 by Anonymous

Answered by NewsBytes

Since your turnover is less than Rs. 1.5 crore, you might want to opt for GST Composition Scheme. This scheme gives flexibility to small taxpayers to get rid of tedious GST formalities and pay GST at a fixed rate of turnover. However, under this scheme, you won't be able to claim input tax credit. To learn more about it, visit this website.

What is the turnover limit for registration in composition scheme?

Asked 2018-02-11 23:04:09 by Anonymous

Answered by NewsBytes

As per the latest update (post 23rd GST Council Meeting held on 10th Nov 2017), businesses with annual turnover of upto Rs. 1.5 crore can opt for composition scheme. Please note that turnover of all business with same PAN should be added to calculate turnover for the purpose of composition scheme.

Can tax folks ask us for 2011 invoices now in 2018 when we had paid our taxes pertaining to that period ?

Asked 2018-02-11 22:35:06 by Chengappa Changulanda

Answered by NewsBytes

As per the memorandum to the Finance Bill 2017, tax officers can reopen cases for up to 10 years, if search operations reveal undisclosed income and assets of over Rs. 50 lakh. Earlier, they could go back only up to six years to scrutinise the books.