is below 20 lacs turnover is allowable for compositions scheme
8 Replies
Studentsca
(CA Practice )
(3577 Points)
Replied 02 August 2017
Turnover upto 75 Lakhs is allowed under Composition Scheme.
Vinay Garg
(Student cum businessman cum professional)
(859 Points)
Replied 02 August 2017
You can opt for composition scheme upto 75 lakh turnover. You dont required to get yourself registered under gst if your turnover is below 20 lakh, but you can voluntarily apply for registration.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 August 2017
Even if you are a Service provider then you can't opt composition scheme except restaurants business.....
Henry Vakharwala
(155 Points)
Replied 02 August 2017
composition taxable person avail 5000rs per day exemption scheme ?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 August 2017
Yes. He can use the 5k rules also....
srinivas
(Finance Manager)
(239 Points)
Replied 03 August 2017
Hi,
composition scheme turnover limit is INR. 75 Lakhs ( INR.50 Lakhs for few States)
Following individuals are not allowed to choose the composition scheme:
1) a casual taxable character or a non-resident taxable person;
2) suppliers whose mixture turnover inside the previous economic year crossed Rs. 75 lakhs;
3) provider who has bought any goods or services from unregistered provider except he has paid GST on such items or services on reserve charges basis;
4) supplier of services, aside from eating place provider;
5) persons supplying goods which are not taxable under GST law;
6) persons making any inter-state outward substances of goods;
7) suppliers making any supply of goods through a digital trade operator (Like amazon, ebay etc.,)who's required to acquire tax at source under section 52; and
8) a producer of following goods:
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