Can we issue tax invoice while we have opted for the composition scheme
8 Replies
arun chaudhary
(article)
(28 Points)
Replied 28 July 2017
No in composition scheme assesse have no right to collect tax from consumer
Kaushik Deepak (KD)
(Officer Accountant)
(1136 Points)
Replied 28 July 2017
No, you can't issue tax invoice
Conditions and Restrictions for Composition Levy
- The person opting for the scheme must neither be a casual taxable person nor a non-resident taxable person.
- The goods held by him in stock on the appointed date must not be purchased from a place outside his state. The goods should therefore not be classified as:
- Inter- state purchase
- Imported Goods
- Branch situated outside the State
- Agents or Principal situated outside the State
3. Where the taxpayers deals with unregistered person, tax must be paid or no stock must be held
5. Mandatory display on invoices of the words ” composition taxable person, not eligible to collect tax on supplies”
6. Mandatory display of the words “Composition Taxable Person” on every notice and signboard displayed at a prominent place.
7. He is not a manufacturer of such goods as may be notified by the Government during the preceding financial year
Studentsca
(CA Practice )
(3577 Points)
Replied 28 July 2017
No you are supposed to issue Bill of Supply.
Neha Jain
(Chartered Accountant)
(1085 Points)
Replied 28 July 2017
No in composition scheme you cannot issue tax invoice
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 July 2017
Composition dealer can't issue Tax Invoice. He issue Bill of Supply for his Sales...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 July 2017
Yes. Composition dealer ll be purchase from Inter State.
But, Can't sell his goods to inter state sales
Kaushik Deepak (KD)
(Officer Accountant)
(1136 Points)
Replied 28 July 2017
YES, @ MR PREM
RESTRICTIONS ON SALE NOT PURCHASE
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