One of gst composite scheme dealer
Sales turnover for medicals year 2019-2020 rs.30 lacs tax paid rs.30,000/-.
Same person two other incomes earned year 2019-2020.
Rental income from commercial property rs.60,000/-
Interests income from cash loans from debtors. rs.70,000/-
Rental income and interest income tax applicable and rate of composite tax payble.
Frah Saeed Answered question May 30, 2020
As per Rule 7 of the CGST / SGST Rules 0.50% each i.e. total 1% of taxable supplies of taxable supplies of goods or services in the State / UT is to be paid by a tax payer (other than manufacturer and restaurant) under composition scheme. Rental income from commercial property and interest income (if not exempt) would be taxed accordingly.
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Frah Saeed Answered question May 30, 2020