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%
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.
URD : Unregistered dealer
RCM: reverse Charge mechenism
Tax rate will be same as prescribed for forward charge...
CAclubindia
