Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Composition scheme

Rahim shaikh (1 Points)

18 November 2018

who is composition scheme and regular dealer..?? what is that.

Reply
Follow
Share

8 Replies

SUHAIL AHMED (16 Points)
Replied 18 November 2018

composition scheme applicable Trader manufacturers without out availing any ITC and file the return Gstr4 and Regular dealer is utilising ITC and setoff against output dues and filed return monthly returns by 3B

Upgrade to CAclubindia Pro. Subscribe Now!

B Vinay Reddy (Hyderabad ) (7842 Points)
Replied 18 November 2018

Yeah
I agree with Mr. Suhail Ahmed,
In Composition scheme reg person will not collect any tax he needs to pay from his own pocket.
where as in Regular Scheme Regd person will collect tax from receiver and deposits into govt account

SUHAIL AHMED (16 Points)
Replied 18 November 2018

S sir I agree Thank u

1 Like

prasad Nilugal (3924 Points)
Replied 19 November 2018

Turnover should be less than 1 crore .

Manjur Khanushiya (239 Points)
Replied 19 November 2018

No it is 1.5 crore as per latest amendment

Upgrade to CAclubindia Pro. Subscribe Now!

prasad Nilugal ( GST Practitioner & Accounts ) (14861 Points)
Replied 19 November 2018

Not yet notifyed by the Govt

Manjur Khanushiya (239 Points)
Replied 19 November 2018

Yes not Notified but discussed in 23rd meeting

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 19 November 2018

Dears.,

Please don't be take the Value based on Discussion. Also the discussion exceed Upto 2cr...

So, Wait on further availability of notification...
Otherwise it's 1cr only (& 75lakhs applicable to SCS)

3 Like