please confirm the limit for restaurant under Composite Scheme.
Also advice regarding if company purchase material from registered dealer under composite scheme, then purchaser will deposit GST under RCM or not ?
Ans. Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme. However, restaurant sector taxpayers may also opt for the scheme.This holds true if your annual turnover is below Rs 50 Lakhs.Any tax payable under Reverse Charge Mechanism will not be covered under the scheme. These taxes will be liable to be paid as a normal tax payer.
CAclubindia
