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Profile photo of Kollipara sundaraiahKollipara sundaraiah asked 7 months ago

GST Applicable

A person dealing with a jewellery shop composite scheme (1% tax rate) registered in GST act.
Sales turnover up to October,19- Rs.25 lacs
Same person two other income earned
1.income from labour charges( majuries and repairs works)Rs.75000 /-up to till date
2.income from interest(money lending business)Rs. 1 lacs
Questions:
1.above two incomes gst tax applicable or exempted and which rate of tax applicable.
2.a trader purchase of gold from customers(URD persons) RCM applicable from 01.10.2019.

Answer the question
1 Answers
Profile photo of SAHIL RATHEESAHIL RATHEE answered 7 months ago

ANSWERS

  1. LABOR CHARGES WILL FALL UNDER 18 % GST SLAB 
  2. MONEY LENDING BUSINESS IS EXEMPTED .READ CHAPTER 8 SEC. II : GST as applicable to financial services