Student
236 Points
Joined May 2012
| Originally posted by : Akhilesh Kumar Kandpal |
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my father also have composition registration......government is saying that composition dealer do not have to do much compliance....but reality is that we have to do all the things which regular dealers do except return filling.... |
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Absolutely correct. Those who are doing an indepth analysis of the Acts and Rules know that govt is underplaying by saying compliances are very less.
A composition dealer has to:
- Maintain records of inward and outward supply of goods/services, stock of goods, tax paid [Section 35(1) of CGST Act]
- Comply with provisions of Reverse Charge Mechanism [Section 10(1) of CGST Act]
- Pay tax on stock held as on date of opting Composition Scheme, under Reverse Charge Mechanism [Rule 5(1)(c) of CGST Rules]