composition scheme
Dileep Rauniyar (16 Points)
18 May 2017
in which sector or level composition scheme is applicable
2 Replies
Sunil Sharma
(CMA & CS)
(584 Points)
Replied 18 May 2017
If with Respect to GST then ;
Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme. However, restruant sector are also opt for the scheme.
The annual turnover should be below Rs 50 Lakhs.
CA NEHA RAMPURIA
(Taxation Consultant)
(1823 Points)
Replied 18 May 2017
Composition scheme is applicable in all sectors . if your agregate turnover doesnot exceeds 50 lac you can register yourself as composition dealer. However you should not a)be engaged in supply of services b) make any interstate supply c) make any supply of goods through e-commerce operators who is required to collect tcs d) no input credit should be taken
tax rate prescribed are:
for manufacturer2% of turnover in state
for restaurants and cateres ( specified service providers) 5%
for others 1%
Recent Topics
- Eport of goods
- STAMP DUTY ON TRANSFER
- Advice on Investment of Retirement Corpus
- Nature of business activities under GST registrati
- Tally Vouchers Entry for Commission based services
- Regarding transfer of stock
- CBIC ALLOWED ITC Available in Demo Car
- Final Course - Tricks to Pass
- Can we issue GST debit note in case mother invoice
- ITR-U for declaring foreign assets under schedule-
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert04 February 2025
CAclubindia
