Agriculture
SUMIT BADYAL (709 Points)
20 December 2019
our company register in gst and our business is selling seeds of vegetables and flowers..so can be avail tax benefit under section 10
SUMIT BADYAL (709 Points)
20 December 2019
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 23 December 2019
For taking the benefits of Sec 10, you have to the restrictions mentioned there in like wise your Turnover should be with in specified limit (presently it is 1.5 Cr) and you are not allowed to make Interstate Supply though you may purchase..like this they go.
If you satisfy all these you can go for it.
Also you have mentioned that you are already registered.If in this case if you are in regular dealer at present there is a form under series of CMP to submit online to opt for composition scheme in which you will be prompted to mention your closing stock details as on the date of conversion
SUMIT BADYAL
(709 Points)
Replied 23 December 2019
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 23 December 2019
If you are a composition dealer , you cannot avail ITC.
Also you cannot collect tax on any kind of supply.' Composition dealer-not liable to collect tax'.This matter should be displayed on Board at your premises.
You can not issue tax invoices.But only 'Bill of Supply"
SUMIT BADYAL
(709 Points)
Replied 23 December 2019
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 23 December 2019
OK got it
If you are a trade dealer in Seeds , your Income shall not be Agricultural Income.
Henceforth not exempted U/s 10(1).
Haven’t filed I.T.R even for 1 year?
SUMIT BADYAL
(709 Points)
Replied 23 December 2019
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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