Composition scheme
Page no : 2
CS Nisha Nishit
(Practicing Company Secretary)
(326 Points)
Replied 21 June 2017
| Originally posted by : Harpreet_smile40 @ yahoo.com Har | ||
 |
can we opt under this scheme if we were engaged in interstate purchase not supply furing financial year? |  |
As mentioned in composition rules, the goods held in stock by him on the appointed day have not been purchased in the
course of inter-State trade or commerce or imported from a place outside India or received from
his branch situated outside the State or from his agent or principal outside the State, where the
option is exercised under composition scheme.
Harpreet_smile40@yahoo.com Har
(10 Points)
Replied 21 June 2017
CS Nisha Nishit
(Practicing Company Secretary)
(326 Points)
Replied 21 June 2017
If there is no Stock which was an interstate purchase and in future no transaction of interstate, then can opt for composition schem
Harpreet_smile40@yahoo.com Har
(10 Points)
Replied 21 June 2017
CS Nisha Nishit
(Practicing Company Secretary)
(326 Points)
Replied 21 June 2017
After Clearing the Stock can opt for the Scheme
Harpreet_smile40@yahoo.com Har
(10 Points)
Replied 21 June 2017
CS Nisha Nishit
(Practicing Company Secretary)
(326 Points)
Replied 21 June 2017
The rate applicable on your product/services under GST regime.
Composition Scheme rate would be applicable after opting that scheme
Anurag Agarwal
(CA Final, Advocate)
(292 Points)
Replied 24 June 2017
In composition scheme inter-state purchase can be made. Since Section states restriction only for inter-state sale i.e outward supply.
In simple, for composition scheme you can make inter-state purchase but cannot make inter-state sale.
anilsingh
(accountant)
(22 Points)
Replied 02 July 2017
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