Composiotion Scheme for GST

This query is : Resolved

Sopan Dattatray Pingale (Querist)
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13 April 2022 Sir,

Please help me for following subject

1.My business of furniture turnover up 50,00,000.00 sir i can use composition scheme

2.How many rates calculate for composition scheme for furniture and electrical material selling

3.How to criteria of set-off

4.Help for return criteria

Please help

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 April 2022 1 yes, you can opt for composition scheme.
2 Only one rate of 1% GST not to be mentioned in the bill.
3 Pay GST quarterly based on quarterly turnover.

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Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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13 April 2022 Sir, I Can use this scheme from 01/04/2022 for Yearly Basis

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 April 2022 Yes, opt for it from 1st April 22.
If you are a new tax payer you can opt now.
Existing Taxpayers: Any taxpayer who is registered as normal tax payer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised.