How Compaund levy Scheme helpful for small Business man.
A Descripttion over Compaund Levy Scheme.
CA. RAVINDRA JHA (PRACTICE) (32 Points)
16 September 2016How Compaund levy Scheme helpful for small Business man.
A Descripttion over Compaund Levy Scheme.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 21 September 2016
The present compostion scheme of 50 Lakhs limit can only help small dealers/ service providers ( as maybe notified). Anyone with turnover over 50 lakhs or who does interstate supply is not eligible. Permission also reqd. No credit on input supplies even from other compostion dealers. Such dealer cannot chrge and reocver the GST ( which maybe 2+2-4%) from the cusomter.
Therefore only in the last leg or sale to dealers outside the system can be advanatgeous.
Govt to:
1. Remove permission + condition of interstate supply
2. Remove restriction for credit to customers.
OTHERWISE ONLY FEW CAN GET INTO THE GST MAINSTREAM.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
