Payment of gst under composition scheme

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Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2017 Dear Experts,
i have heard that the dealers who does not have inter state transaction can avail the composition scheme to the extent of 75 lacs. however in composition scheme only 1% GST will be paid of turnover. pls enlighten me is it correct. if so when the composition dealer will pay the 1% GST.

Thanks In Advance
Raj Kumar

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

29 June 2017 Yes it is correct, the composition dealer will pay the 1% GST quarterly and file the return quarterly.

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2017 sir turnover limit for composition scheme is upto 75 Lacs or 50 Lacs.

and in previous year FY 2016-17 our turnover is 61 Lacs, also in existing FY 2017-18 turnover is 16 Lacs. so i am eligible for composition scheme

Amol S Joglekar

Amol S Joglekar (Expert)

29 June 2017 it is 75 lakh and you need to pay the tax and return quarterly

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2017 sir... what if composition dealer has paid 28% GST to supplier on purchase can He avail the ITC of 28% Against the payment of 1% GST on turnover.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

29 June 2017 No ITC can be claimed by the composition dealer.

Amol S Joglekar

Amol S Joglekar (Expert)

30 June 2017 no, ITC is not available for composition

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