Bricks manufacuring
P MURUGAN (ACCOUNTANT) (204 Points)
22 October 2024
Is bricks manufacturer can opt composition scheme? please mention turnover limit?
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194575 Points)
Replied 22 October 2024
Yes, a bricks manufacturer can opt for the composition scheme under GST.
The manufacturer's annual turnover should be up to ₹1.5 crore (₹75 lakhs for special category states).
P MURUGAN
(ACCOUNTANT)
(204 Points)
Replied 22 October 2024
Why bricks are specifically brought to the Composition scheme even already manufacturers are coming under brought to the CMP SCHEME?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194575 Points)
Replied 22 October 2024
Brick manufacturers typically don't have significant input costs eligible for ITC. The Composition Scheme eliminates the need to maintain detailed records for ITC.
The construction industry, particularly brick manufacturing, has unique characteristics, such as:
Large number of small, unorganized players.
Low-value transactions.
High volume of sales.
Limited financial resources.
Difficulty in maintaining detailed records.
By bringing bricks under the Composition Scheme, the government aims to prevent tax evasion and ensure revenue collection from this sector.
The Composition Scheme encourages brick manufacturers to formalize their businesses, which helps in better tax compliance and regulation.
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