any change in composition
Sankar Dinesh (53 Points)
19 June 2017
is tht any change made in composition dealers rate after 18th of this month gst meeting??? ...
5 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 19 June 2017
RECOMMENDATIONS REGARDING THE COMPOSITION LEVY AND GST
RATE ON CERTAIN GOODS
[As per discussions in the 17
th GST Council Meeting held on 18
th June, 2017]
I. The Turnover Limit for the Composition Levy:
1. The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for Composition Levy for CGST and SGST purposes from Rs.50 lakh to Rs.75 lakh for all eligible registered persons. However, no clear view was taken as to whether or not this increased turnover limit will apply in case of Special Category States.
2. In its meeting held on 18th June, 2017, the GST Council has recommended that the
turnover limit for Composition Levy for CGST and SGST purposes shall be Rs.50 lakh in respect of the following Special Category States namely:
1. Arunachal Pradesh,
2. Assam,
3. Manipur,
4. Meghalaya,
5. Mizoram,
6. Nagaland,
7. Sikkim,
8. Tripura, and
9. Himachal Pradesh.
3. The Council has also recommended that in case of Uttarakhand, the turnover limit for Composition Levy for CGST and SGST purposes will be Rs.75 lakh.
4. For the State of Jammu & Kashmir the turnover limit for the Composition levy will be
decided in due course.
II. Manufacturers of goods who will not be eligible for Composition Levy:
The GST Council has also recommended that manufacturers of the following goods
shall not be eligible for the Composition Levy:
1.Ice cream and other edible ice, whether or not containing cocoa.
2.Pan masala
3.Tobacco and manufactured tobacco substitutes
III. GST RATE ON CERTAIN GOODS:
1. The GST Council also recommended that the GST rate on dried singhada and makhana
will be 5%.
******
RATE ON CERTAIN GOODS
[As per discussions in the 17
th GST Council Meeting held on 18
th June, 2017]
I. The Turnover Limit for the Composition Levy:
1. The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for Composition Levy for CGST and SGST purposes from Rs.50 lakh to Rs.75 lakh for all eligible registered persons. However, no clear view was taken as to whether or not this increased turnover limit will apply in case of Special Category States.
2. In its meeting held on 18th June, 2017, the GST Council has recommended that the
turnover limit for Composition Levy for CGST and SGST purposes shall be Rs.50 lakh in respect of the following Special Category States namely:
1. Arunachal Pradesh,
2. Assam,
3. Manipur,
4. Meghalaya,
5. Mizoram,
6. Nagaland,
7. Sikkim,
8. Tripura, and
9. Himachal Pradesh.
3. The Council has also recommended that in case of Uttarakhand, the turnover limit for Composition Levy for CGST and SGST purposes will be Rs.75 lakh.
4. For the State of Jammu & Kashmir the turnover limit for the Composition levy will be
decided in due course.
II. Manufacturers of goods who will not be eligible for Composition Levy:
The GST Council has also recommended that manufacturers of the following goods
shall not be eligible for the Composition Levy:
1.Ice cream and other edible ice, whether or not containing cocoa.
2.Pan masala
3.Tobacco and manufactured tobacco substitutes
III. GST RATE ON CERTAIN GOODS:
1. The GST Council also recommended that the GST rate on dried singhada and makhana
will be 5%.
******
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 20 June 2017
Rate is 1% for retailers under composition.
Sankar Dinesh
(53 Points)
Replied 25 June 2017
i hve register under gst... and am eligable for composition .... sales below 50 lakhs.... is there any form to be submit for adpoting compsition....
and in composition return filing is mention as quaterly.... so tht i need to fill return on september??
and in composition return filing is mention as quaterly.... so tht i need to fill return on september??
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 25 June 2017
1. Any person who has been granted registration on a
provisional basis under clause (b) of sub-rule (1) of rule 24 and who opts to pay tax under
section 10, shall electronically file an intimation in FORM GST CMP-01, duly signed or
verified through electronic verification code, on the common portal, either directly or
through a Facilitation Centre notified by the Commissioner, prior to the appointed day, but
not later than thirty days after the said day, or such further period as may be extended by
the Commissioner in this behalf:
Provided that where the intimation in FORM GST CMP-01 is filed after the
appointed day, the registered person shall not collect any tax from the appointed day but
shall issue bill of supply for supplies made after the said day
provisional basis under clause (b) of sub-rule (1) of rule 24 and who opts to pay tax under
section 10, shall electronically file an intimation in FORM GST CMP-01, duly signed or
verified through electronic verification code, on the common portal, either directly or
through a Facilitation Centre notified by the Commissioner, prior to the appointed day, but
not later than thirty days after the said day, or such further period as may be extended by
the Commissioner in this behalf:
Provided that where the intimation in FORM GST CMP-01 is filed after the
appointed day, the registered person shall not collect any tax from the appointed day but
shall issue bill of supply for supplies made after the said day
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