Libissa (Accountant) (318 Points)
19 April 2022i am doing flyash bricks & building bricks in compostion scheme now new implement form 1.4.2022 for bricks is in composition is 6% now i want to know whether i can file as composition or withdraw from composition and transfer to regular and file returns monthly and pay 6% tax without taking ITC or continue in composition and pay tax 6% in same scheme
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3368 Points)
Replied 19 April 2022
Under the composition scheme, no input tax credits are allowed for any purchase of goods by the taxpayer registered under the scheme. He can set-off output tax liability from the tax paid on the purchase of goods. The buyer of such goods will not get any credit of taxes paid.
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 19 April 2022
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