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Meaning of Turnover in Composition Scheme

Abhishek Bansal (1 Points)

18 August 2017

What does turnover include and exclude under composition scheme? What is the limit for the year 2017-18?

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3 Replies

RAJA P M ("Do the Right Thing...!!!") (127076 Points)
Replied 18 August 2017

Composition dealer's All outward supplies total value is turn over (Taxable items + Exempted Items (Zero Rated + Nil Rated)....
No more limits. But, They cross 75lakhs Turn over limit he is going Composition dealer to Regular Dealer automatically.....
Services providing is also not available for Composition Dealer....

Shariq Musarrat Shamim (2 Points)
Replied 18 August 2017

if a dealer is in general scheme (not in composition scheme ) and his turnover in the preceeding FY is less than 75 lakhs / 50 lakhs. can he opt. for composition scheme ??
is shifting from general scheme to composition scheme can be made several times ??

RAJA P M ("Do the Right Thing...!!!") (127076 Points)
Replied 18 August 2017

You are new registrant then no way...!
If You are migrated dealer... Time limit is over.
At the time of. migration you select any services related option in your nature of Business then no way to composition scheme....