As of now composition dealer can provide service upto RS.5 lacs my questions are:
1.whether he can provide any kind of service?
2. what is the effective date and applicablity of circular relating to it.
3. what is the tax rate on such service required to be deposited?
it's very urgent, please help me in solving such query as soon as possible
9 Replies
Nivedita
(SME - Finance)
(758 Points)
Replied 23 February 2019
The following people cannot opt for the scheme:
Supplier of services other than restaurant related services
Manufacturer of ice cream, pan masala, or tobacco
A person making inter-state supplies
A casual taxable person or a non-resident taxable person
Businesses which supply goods through an e-commerce operator
Nivedita
(SME - Finance)
(758 Points)
Replied 23 February 2019
Update as on 10th Jan 2019 -
As per 32nd GST Council Meeting held on 10th Jan 2019, Service Providers can opt into the Composition Tax Scheme, and the Government has set the threshold turnover for service providers at Rs. 50 lakhs to be eligible for this scheme.
Nivedita
(SME - Finance)
(758 Points)
Replied 23 February 2019
For rates etc. - https://cleartax.in/s/gst-composition-scheme#rates
pritesh
(CA Final student)
(7101 Points)
Replied 23 February 2019
Wheather if you are dealing with the goods then only you can opt for composition scheme..which service provided does not exceed 10% of turnover or 5lakhs whichever is higher.
the rate will be 1%
the rate will be 1%
Anmol Singla
(808 Points)
Replied 23 February 2019
can we opt out of composition scheme at any time
as I want to opt out of composition scheme and in how many days we need to give intimation of change in scheme
as I want to opt out of composition scheme and in how many days we need to give intimation of change in scheme
pritesh
(CA Final student)
(7101 Points)
Replied 24 February 2019
No you can opt in or out of composition scheme only at the end of that year..not in mid of FY
Anmol Singla
(808 Points)
Replied 24 February 2019
but there is option of opt out of composition scheme, what is that
Ajay Singh
(-)
(127 Points)
Replied 25 February 2019
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