Tax credit procedure

08 June 2017

the businessman, registered under compounding scheam is going to receive tax credit or not.
Is he going to collect tax to his customer too.

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3 Replies

Prity Agarwal (CHARTERED ACCOUNTANT) (363 Points)
Replied 08 June 2017

Any person registered under the composition scheme is not eligble to get benefit of Input Tax Credit.

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CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 08 June 2017

No ITC allowed to composite dealer. He has to pay tax on a fixed rate on his turnover.

CA NEHA RAMPURIA (Taxation Consultant) (1823 Points)
Replied 08 June 2017

no he cannot collect tax from customers

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