Composition scheme under gst
Bhavesh Jain (1 Points)
11 July 2017Bhavesh Jain (1 Points)
11 July 2017
CA Shantanu Saxena
(Chartered Accountants in Practice)
(41 Points)
Replied 11 July 2017
Gagan Singla
(564 Points)
Replied 12 July 2017
naveen
(CS)
(214 Points)
Replied 12 July 2017
in old tax regime, dealer who were registered under composition scheme can not claim ITC. They had to pay 1% flat tax of their sale.
Under GST Regime, only business dealing in goods can opt composition scheme. Restaurant may also opt composition scheme.
Rate of Tax
for Manufactures (other than notified goods) not more thatn 2%
for Restaurant not more than 5%
and for others not more than 1%
There is not ITC benefit available for composition shceme holder, also they can not issue Tax Invoice.
naveen
(CS)
(214 Points)
Replied 12 July 2017
There is no separate challan. Pay one challan by puting up CGST amount and SGST amount in their respective column.
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies