My client is having a mobile shop who is registered under GST composition scheme and pays 1% GST on sale of mobile and its accessories. For sale of mobiles he gets scheme discounts through monthly credit note which I would termed it as commission from various supplier (Dealer).
My question is whether he needs to pay GST @ 1% as a composition scheme or any other rate applicable. If yes for other rate applicability then how and where to show income and gst on it as composition dealer only has limited boxes in CMP-08 form which needs to be submitted on quarterly basis.
Please guide.
5 Replies
sachin parikh
(125 Points)
Replied 18 July 2020
Meaning we just have to book this scheme income in P&L and pay income tax under self assessment only? Will there be no mismatch of income as per GST and income as per Income Tax?
Pl guide
Pl guide
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