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Composite and mixed supply explain me ???
what is mean by composition supply and mixed supply in goods and services Tax act?? give me some examples
Replies (4)
Composition scheme is under seperate registration.
Mixed supply as the term denotes it's a mixed supply of goods and services.
Mixed supply as the term denotes it's a mixed supply of goods and services.
Composite and composition have two different scenarios in GST.
composite supply: supply consisting of two or more taxable supplies of goods or services which are naturally bundled. tax rate would be the GST rate of principle supply.
mixed supply: when two or more taxable supplies are supplied under single package which are not naturally bundled. tax rate is highest tax rate among those supplies will be applicable. Ex: gift box containing sweets(5%), dry fruits(12%) and chocolates (28%)supplied then highest rate i.e. 28% will be attracted based on type of chocolate.
composite supply: supply consisting of two or more taxable supplies of goods or services which are naturally bundled. tax rate would be the GST rate of principle supply.
mixed supply: when two or more taxable supplies are supplied under single package which are not naturally bundled. tax rate is highest tax rate among those supplies will be applicable. Ex: gift box containing sweets(5%), dry fruits(12%) and chocolates (28%)supplied then highest rate i.e. 28% will be attracted based on type of chocolate.
@ Thank you Soo much n sowmiya
Composite supply : in case of principle supply exempt, and bundled two or more taxable supplies..
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