suppose retailers early turnover is 50lakh.....whether he is mandatory to take GSTin under composite shcme..?
5 Replies
Medhaj Madhavan
(Student)
(108 Points)
Replied 09 April 2018
Hi dibyanshu, the limit for Compostion scheme now is 100 lacs except for in the 7 north Eastern states where it is 75 lacs. This upto the limit of 100 and 75, you can avail composition scheme, once limit crosses in any year, you’ll have to switch to normal registration from the month when it so exceeds the limit.
Medhaj Madhavan
(Student)
(108 Points)
Replied 09 April 2018
No one is mandatory to avail composition scheme benefit, meaning thus that even if the turnover is less than the limit for composition scheme, one can opt for normal registration also.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 09 April 2018
Composition is optional scheme not compulsory.
You can opt either regular or composition scheme.
You can opt either regular or composition scheme.
Salman
(P)
(41 Points)
Replied 09 April 2018
If your customer requires to take ITC on purchases ie he need B2B invoice he won't make purchases from you.
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