Composition
This query is : Resolved
P.Sankaravel
(Querist)
26 December 2018
What is meant by composition scheme in GST?
PAWAN KUMAR
(Expert)
26 December 2018
You need to pay tax on turnover basis instead of invoice wise.
you will not be eligible for ITC on purchases. Also on your invoices, you will not be charged any GST.
Certain threshold limit prescribed for applying composition taxpayer - 1 Crore turnover during previous Financial year can apply for composition scheme although supply of service is not qualify for this scheme except restaurant service. No interstate supply an composition taxpayer can do.
you will not be eligible for ITC on purchases. Also on your invoices, you will not be charged any GST.
Certain threshold limit prescribed for applying composition taxpayer - 1 Crore turnover during previous Financial year can apply for composition scheme although supply of service is not qualify for this scheme except restaurant service. No interstate supply an composition taxpayer can do.
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