Composition scheme applicability
S G PASHA (Tax Consultant) (61 Points)
28 June 2017
Is a tyre retreading concern eligible for composition scheme u/s 10, it is a works contract under VAT
3 Replies
upasana gupta
(Finance Professional)
(3931 Points)
Replied 28 June 2017
Ans. Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme.This holds true if your annual turnover is below Rs 50 Lakhs.any business concern having turnover below 50 lakhs can opt for compensation scheme under GST.
upasana gupta
(Finance Professional)
(3931 Points)
Replied 28 June 2017
Ans. Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme.This holds true if your annual turnover is below Rs 50 Lakhs.any business concern having turnover below 50 lakhs can opt for compensation scheme under GST.
S G PASHA
(Tax Consultant)
(61 Points)
Replied 28 June 2017
i think it is for pure service concerns not for works contract it seems, property in goods involved, turnover limit is 75 lacs to be eligible for composition scheme,
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