Hello.
I want to know the Registration and Return filing under Composition Scheme and Turnover.
Business entity : Partnership Firm
Type of business : Trading in Agricultural Products like Potatoes, Onions and Vegetables etc.
2 Replies
Jamil Ahmed
(615 Points)
Replied 28 July 2020
Normally agricultural products are not taxable. If your annual turnover is less than 1.5 crore, you may opt for GST registration under composition scheme. As a composition taxpayer, you will have to quarterly CMP-08 and annually GSTR-4 returns.
Bhavika Kothari
(CA)
(1258 Points)
Replied 30 July 2020
Most of the agricultural products are exempted from GST. So if you are dealing with all exempted products then you need not register for GST. However, if you want to opt for GST registration then the option is readily available. But if you voluntary register under GST then it will be based on turnover. If turnover is less than 1.5 crore then you need to file CMP-08 on a monthly basis and GSTR-4 on annual basis. If turnover is more than 1.5 then GSTR-1 and GSTR-3B would be applicable
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