composition for small retailers
This query is : Open
24 June 2017
dear sir/madam,
More of the small retail business are have exempted goods like Rice, ayta and other food items, then how they can opt for composition?
24 June 2017
Combined turnover of exempted goods and taxable goods turnover should not exceed 75 lacs. They can opt for the composition scheme.
24 June 2017
but as per gst rule, if dealer have non taxable goods or exempted goods they are not eligible for composition.
24 June 2017
Provide link for such rule.
24 June 2017
No provision is there for non opting of composition scheme in case of exempted goods.
24 June 2017
Terms and Conditions to opt for composition
Composition scheme will be available for all businesses registered under single PAN. A Supplier is required to opt composition scheme for all business registered under his PAN.Supplier shall not be engaged in making interstate outward supply.Supplier shall not be engaged in making any supply of goods which are not leviable to tax under GST Act.The supplier shall not make any supply through e commerce operator.
24 June 2017
The person exercising the option
to pay tax under section 10 shall comply with the following conditions, namely:-
(a) he is neither a casual taxable person nor a non-resident taxable person;
(b) the goods held in stock by him on the appointed day have not been purchased
in the course of inter-State trade or commerce or imported from a place outside India
or received from his branch situated outside the State or from his agent or principal
outside the State, where the option is exercised under sub-rule (1) of rule 3;
(c) the goods held in stock by him have not been purchased from an unregistered
supplier and where purchased, he pays the tax under sub-section (4) of section 9;
(d) he shall pay tax under sub-section (3) or sub-section (4) of section 9 on inward
supply of goods or services or both;
(e) he was not engaged in the manufacture of goods as notified under clause (e) of
sub-section (2) of section 10, during the preceding financial year;
(f) he shall mention the words “composition taxable person, not eligible to collect
tax on supplies” at the top of the bill of supply issued by him; an
to pay tax under section 10 shall comply with the following conditions, namely:-
(a) he is neither a casual taxable person nor a non-resident taxable person;
(b) the goods held in stock by him on the appointed day have not been purchased
in the course of inter-State trade or commerce or imported from a place outside India
or received from his branch situated outside the State or from his agent or principal
outside the State, where the option is exercised under sub-rule (1) of rule 3;
(c) the goods held in stock by him have not been purchased from an unregistered
supplier and where purchased, he pays the tax under sub-section (4) of section 9;
(d) he shall pay tax under sub-section (3) or sub-section (4) of section 9 on inward
supply of goods or services or both;
(e) he was not engaged in the manufacture of goods as notified under clause (e) of
sub-section (2) of section 10, during the preceding financial year;
(f) he shall mention the words “composition taxable person, not eligible to collect
tax on supplies” at the top of the bill of supply issued by him; an
24 June 2017
Its from Final composition rule & there is nothing like that.
Message likes :
1 times
24 June 2017
Even those who are exclusively dealing in exempted goods are not required to get registered.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
