If you start billing System at your shop than you need to maintain books of accounts and file GST Returns and Income Tax return according to books of accounts. there will be no trouble for you in income tax.
Income tax after billing
We run a sweet shop with tiffin items. We do not have billing in our shop. Now I want to start billing with GST. I am afraid of this will cause any income tax trouble for us. Kindly let me know how can I resolve this situation.
Asked 7 years ago in Income Tax
Hi,
Can you pls let us know your specific concern. Why do you think that income tax department will trouble you.
Hello,
If you want to be registered under GST then you will also have to start paying the due income tax on the same.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi,
Irrespective of whether you issued bills or not income tax was payable on the amount that you earned from the tiffin services. But however, now that you will register under GST and file GST returns, you have to declare the income and pay tax on the same under Income Tax Act.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
What percentage GST is applicable for sweets, savories and tiffin items? It is a non AC non alcohol establishment.
Asked 7 years ago
Hi,
The rate of GST is 12% . 6% CGST & 6% SGST
Can I opt for composition scheme? Which is more beneficial for small businesses? Can we have billing with 5% GST ? Can we have manual billing with 5% GST? Do sweets and namkeens have different GST?
Asked 7 years ago
Hello,
Yes you can very well opt for composition if your turnover is under RS. 75 Lacs.
It is very difficult to under your business operations and guide you in a perfect manner through this medium. It will be preferable if you consult a professional and discuss your business methodology to help him guide you better.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
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