whether services whose turn over upto 5lacs are allowed for composition scheme.whether Notification has been published for this?
13 Replies
Ruchira
(Article)
(208 Points)
Replied 07 December 2018
Business with annual turnover upto Rs. 1 crore can opt for composition scheme. Only in north eastern states and himachal pradesh its Rs.75 lacs
As your turnover is upto Rs. 5 lacs you are not eligible for composition scheme.
Sarika Kothari
(144 Points)
Replied 07 December 2018
mam its 5 lac not 5 crore. and mam wahat about service provider can they avail composition scheme
sushit shishul
(338 Points)
Replied 07 December 2018
supplier of services not under composition scheme except for restaurant services
Ruchira
(Article)
(208 Points)
Replied 07 December 2018
For service providers except resturants no one else can get into composition scheme.
Since you are not into resturant business you can not opt for composition scheme even if your turnover is less than Rs. 1 crore.
Ruchira
(Article)
(208 Points)
Replied 07 December 2018
Only manufacturer of Goods, Dealers and Restaurants( not serving alcohol) can opt for composition scheme.
pritesh
(CA Final student)
(7101 Points)
Replied 07 December 2018
Taxpayers registered under the GST Composition Scheme can now supply services with a taxable value of upto Rs.5 lakhs per annum. This provision will immensely help small computer shop operators and dealers involved in providing services along with sales of product.
Sarika Kothari
(144 Points)
Replied 07 December 2018
yes pritesh but any notification yet issued or not
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 December 2018
No...
The said Provisions / Decision not in force.
So, No way for avail such exemption by Composition Dealer...
Note (just for information) :
The said decision not applicable to all the services. It's only applicable related service activities based on the "Manufacturing and/or Trading" to the Composition Dealer...
The said Provisions / Decision not in force.
So, No way for avail such exemption by Composition Dealer...
Note (just for information) :
The said decision not applicable to all the services. It's only applicable related service activities based on the "Manufacturing and/or Trading" to the Composition Dealer...
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 December 2018
Yes Agree with Raja ji
As per new amendment Act (No 31 of 2018) Dtd .29/08/2018 : The composit dealer shall supply services upto value not exceeding 10%of turnover in preceding fy or 5lac whichever is Higher.
as in the act its cleanly define that the provision of act will get effective from date notify by the council by issuing notification & Since as of today there is notification in this regard
As per new amendment Act (No 31 of 2018) Dtd .29/08/2018 : The composit dealer shall supply services upto value not exceeding 10%of turnover in preceding fy or 5lac whichever is Higher.
as in the act its cleanly define that the provision of act will get effective from date notify by the council by issuing notification & Since as of today there is notification in this regard
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 December 2018
Hence composit dealer cannot provide services (Except Restaurant Service)
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