GST- Rule

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I have a residential hotel business at Deoghar, Jharkhand. My room tariff is from 700/- to 2500/- and turnover of 23,00000/- yearly So I want to know that what’s rule of GST for my business, please guide.

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GST - Others Tax Clinic Question 2 years 2 Answers 244 views 0

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  1. taxclinic_team700

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    GST rate would be applicable on your tariff are:-

    below 1000:- exempt from GST

    1000 to 2499:- 12% GST rate would be levied with full ITC

    2500 to 7499 :-18% GST rate would be levied with full ITC.

    and remaining 28% GST would be levied with full ITC.

    above following tariff will be applicable on your business.

     

  2. taxclinic_team700

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    And also you opt composition scheme under GST  because your turnover is less than prescribed limit 75 lakhs.

    Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme. However, restaurant service sector may also opt for the scheme.

    This holds true if your annual turnover is below Rs 75 Lakhs.

    the tax rate under composition scheme for 2.5% for restaurant sector.

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