Composition.
Priya Sharma (Account Manager) (167 Points)
30 July 2021
Can I opt for composition schemes from registration date ?
19 Replies
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
Yes, you can..
in Registration form you have a option to opt composition schemes.
in Registration form you have a option to opt composition schemes.
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
Ok, n if I want to change from normal to composition that what I have to do..
amendment in registration ?
amendment in registration ?
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
No, If you want to switch to composition scheme, than you have to file form GST CMP 02
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
Can I use ITC after change to composition as I have a ITC in credit ledger
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
No, you can use that ITC lying in your credit ledger.
you have to reversed ITC taken on closing stock via filing form ITC 03
you have to reversed ITC taken on closing stock via filing form ITC 03
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
Means Whichever ITC in credit ledger , I have to reversed
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
No, Priya ji
You have to reversed the ITC taken on closing stock lying unsold as on switching date along with ITC on capital goods as per rule.
You have to reversed the ITC taken on closing stock lying unsold as on switching date along with ITC on capital goods as per rule.
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
All ITC taken on closing stock required to be reversed ?
if I already have utilised that ITC, than what to do ?
if I already have utilised that ITC, than what to do ?
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
Than you have to pay that in cash via filing from ITC 03
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
If I m providing services than also I can take composition scheme or only traders can opt for composition
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
If you are service provider, I that eligible criteria are different like turnover limit up to Rs. 50 lakh only.
if you are trader that eligibility criteria are different, rate of tax are also different for both the categories
if you are trader that eligibility criteria are different, rate of tax are also different for both the categories
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
What is eligible criteria and what is rate can you explain plz.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
For Traders Turnovers limit 1.5 Cr/ 75 lakh
rate of GST is 1%
For Service providers turnover limit is 50 lakh
rate of GST is 6%
for more details you can refer section 10 and 10A of CGST Act
rate of GST is 1%
For Service providers turnover limit is 50 lakh
rate of GST is 6%
for more details you can refer section 10 and 10A of CGST Act
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
Which rate is applicable if I am a trader and also providing services 1 or 6?
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