GSTR 3B TAX DEPOSIT DUE DATE
This query is : Resolved
08 August 2017
Dear Experts please tell me GSTR 3B M KOI TAX DEPOSIT KAB TAK KARNA HAI
08 August 2017
Up to 20th August.
08 August 2017
Supply of services not covered under compostion scheme?
27 July 2024
Under the Goods and Services Tax (GST) regime in India, certain businesses are allowed to opt for the Composition Scheme, which is a simplified tax regime that allows taxpayers to pay GST at a fixed rate on their turnover, rather than following the regular tax rates and claiming input tax credit. However, not all types of businesses or supplies are eligible for this scheme.
### **Services Not Covered Under the Composition Scheme**
The Composition Scheme under GST is primarily available for suppliers of goods. The scheme is not available for:
1. **Suppliers of Services:** Businesses providing only services are generally not eligible to opt for the Composition Scheme. This includes service providers such as consultants, professional service firms, and other service-based businesses.
2. **Mixed Suppliers:** If a business is engaged in the supply of both goods and services, it cannot opt for the Composition Scheme if it provides services. The scheme is only applicable if the supplier is engaged exclusively in the supply of goods.
3. **Certain Specific Services:**
- **Taxis, Cabs, and Transport Services:** Providers of passenger transport services, like taxis and cabs, are not eligible for the Composition Scheme.
- **Restaurants and Catering Services:** While small restaurants (under a specific turnover threshold) may qualify, the scheme does not apply to those providing high-end catering services or those engaged in larger restaurant chains.
- **Financial Services:** Businesses providing financial services, including banking, insurance, and investment advisory services, are excluded from the Composition Scheme.
- **Educational Services:** Institutions providing educational services are generally not eligible for the Composition Scheme.
- **Healthcare Services:** Hospitals, clinics, and similar healthcare service providers do not fall under the Composition Scheme.
### **Eligibility for Composition Scheme**
For a supplier to be eligible for the Composition Scheme, the following criteria generally need to be met:
1. **Business Nature:** The business should be engaged in the supply of goods and not services.
2. **Turnover Threshold:** The aggregate turnover should not exceed ₹1.5 crore in the financial year. This limit is ₹75 lakh for special category states (except Jammu & Kashmir).
3. **Intra-State Supplies:** The supplier must not make any inter-state supplies. The Composition Scheme is applicable only for intra-state supplies.
4. **Not Engaged in Specific Activities:** The supplier should not be engaged in certain restricted activities, such as supply of services, import of goods, or making supplies through e-commerce operators.
### **Action Steps:**
- **Check Eligibility:** Verify the eligibility criteria for the Composition Scheme based on the nature of your business and the type of supplies you make.
- **Consult GST Laws and Notifications:** Refer to the latest GST notifications and circulars or consult with a tax professional to understand the applicability and compliance requirements.
- **Regular Compliance:** Ensure compliance with GST regulations and file the necessary returns as per the scheme’s requirements if you are eligible.
For the most accurate and specific advice related to your business scenario, consulting with a GST professional or tax advisor is highly recommended.
### **Services Not Covered Under the Composition Scheme**
The Composition Scheme under GST is primarily available for suppliers of goods. The scheme is not available for:
1. **Suppliers of Services:** Businesses providing only services are generally not eligible to opt for the Composition Scheme. This includes service providers such as consultants, professional service firms, and other service-based businesses.
2. **Mixed Suppliers:** If a business is engaged in the supply of both goods and services, it cannot opt for the Composition Scheme if it provides services. The scheme is only applicable if the supplier is engaged exclusively in the supply of goods.
3. **Certain Specific Services:**
- **Taxis, Cabs, and Transport Services:** Providers of passenger transport services, like taxis and cabs, are not eligible for the Composition Scheme.
- **Restaurants and Catering Services:** While small restaurants (under a specific turnover threshold) may qualify, the scheme does not apply to those providing high-end catering services or those engaged in larger restaurant chains.
- **Financial Services:** Businesses providing financial services, including banking, insurance, and investment advisory services, are excluded from the Composition Scheme.
- **Educational Services:** Institutions providing educational services are generally not eligible for the Composition Scheme.
- **Healthcare Services:** Hospitals, clinics, and similar healthcare service providers do not fall under the Composition Scheme.
### **Eligibility for Composition Scheme**
For a supplier to be eligible for the Composition Scheme, the following criteria generally need to be met:
1. **Business Nature:** The business should be engaged in the supply of goods and not services.
2. **Turnover Threshold:** The aggregate turnover should not exceed ₹1.5 crore in the financial year. This limit is ₹75 lakh for special category states (except Jammu & Kashmir).
3. **Intra-State Supplies:** The supplier must not make any inter-state supplies. The Composition Scheme is applicable only for intra-state supplies.
4. **Not Engaged in Specific Activities:** The supplier should not be engaged in certain restricted activities, such as supply of services, import of goods, or making supplies through e-commerce operators.
### **Action Steps:**
- **Check Eligibility:** Verify the eligibility criteria for the Composition Scheme based on the nature of your business and the type of supplies you make.
- **Consult GST Laws and Notifications:** Refer to the latest GST notifications and circulars or consult with a tax professional to understand the applicability and compliance requirements.
- **Regular Compliance:** Ensure compliance with GST regulations and file the necessary returns as per the scheme’s requirements if you are eligible.
For the most accurate and specific advice related to your business scenario, consulting with a GST professional or tax advisor is highly recommended.
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