Composition levy

Mahendravarman (Accounts Executive) (34 Points)

28 July 2017

what is composition levy? who eligible to composition tax ? how tax rate? in gst

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Neha Jain (Chartered Accountant) (1085 Points)
Replied 28 July 2017

Eligibility for composition scheme: Turnover below Rs75 lakhs., Sales only on intrastate, and as specified by govt.

GST for trader @ 1%, Manufacturer @ 2%,Suppliers of food for human consumption @ 5%

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 28 July 2017

Composite dealers cannot take ITC and cannot charge tax from customer.

They have to file a quarterly return..

If they purchase from URD, RCM is applicable on them.

Mahendravarman (Accounts Executive) (34 Points)
Replied 28 July 2017

Mr/ms
what is URD ,RCM

Neha Jain (Chartered Accountant) (1085 Points)
Replied 28 July 2017

URD : Unregistered dealer

RCM: reverse Charge mechenism

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Mahendravarman (Accounts Executive) (34 Points)
Replied 28 July 2017

How to calculate rcm which bill applicable under rcm? and what % declare the govt . explain along with example

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 28 July 2017

Tax rate will be same as prescribed for forward charge...

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