Dear sir/madam,
Please let me know what are the things need to observe while computing GST liability under Composite scheme.
And, share one sample excel sheet
for learning purpose.
With advanced thanks
Pradeep Kumar T V
Composition Scheme dealers are required to pay tax on their quarterly turnover in State or Union Territory.
Manufacturers Rate = 1% on their Quarterly Turnover ( including exempt supply )
Traders Rate = 1% on their Quarterly Taxable Turnover.
Restaurant Service Providers Rate = 5% on their Quarterly Turnover in State or Union Territory.
Service Providers Rate = 6% on their Quarterly Turnover.
The definition of "turnover in State" or "turnover in Union Territory" as defined U/s 2(112) of the CGST Act 2017 means the aggregate value of all taxable supplies ( excluding the value of inward supplies on which tax is payable by a person on reverse charge basis ) and exempt supplies made within a State or Union Territory by a taxable person, exports of goods or services or both and inter-State supplies of goods or services or both made from the State or Union Territory by the said taxable person but excludes CGST, SGST, UTGST, IGST and Cess.
CAclubindia
