Anitya ( ) (287 Points)
07 April 2019Happy Sunday members,
I just want to get clarity on the new composition scheme (6%) w.e.f. 1.4.2019.
As per the new composition scheme, will there be no tax on first 20 lakhs turnover? Then for next 30 there is 6% tax rate scheme.
Is this correct?
Thanks
pritesh
(CA Final student)
(7101 Points)
Replied 07 April 2019
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 April 2019
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 April 2019
Anitya
( )
(287 Points)
Replied 07 April 2019
| Originally posted by : RAJA P M | ||
 |
No... Once registered under GST then GST chargeable/Payable from the 1 rupee billing... |  |
Thanks Raja Sir. I read this article by Umesh Sir. It says that for first 20 lakhs aggregate turnover no tax and then for next 30 there is 6% tax rate. It is unlike the present system, wherein both normal and composition system GST is payable from the firts sales bill.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 07 April 2019
Anitya
( )
(287 Points)
Replied 07 April 2019
| Originally posted by : Pankaj Rawat | ||
|
Refer Circular No. 97/16/2019-GST dt 5/4/2019 | |
Thanks Pankaj Sir.
There is no mention in the notification or circular that for first 20 lakhs aggregate turnover no tax and then for next 30 lakhs, 6% is the tax rate.
What about those taxpayers who have already filed CMP-02, considering the date to be 31st March 2019. Will they be taken to 1% tax rate? What if they are not eligible for old composition scheme but for new composition scheme? How they can change now to new composition scheme of 6%?
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 April 2019
CA Shikha Sharma
(Ceo)
(3869 Points)
Replied 08 April 2019
Anitya
( )
(287 Points)
Replied 08 April 2019
Sir, cancellation of old no. and applying new composition scheme with new PAN is not possible.
The taxpayer is not eligible for old composition scheme as he is into catering business.
The government should have made this clear earlier. Now option must be given for changing the section/rate of composition.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 April 2019
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