composite scheme

1. for composite scheme, turnover should not exceed rs. 50 lacs 2.under composite scheme rate for traders is 1% 3. yes you need to keep the detail records regarding inward supply of goods to avail input tax credit in future if you exceed the turnover of 50 lacs. However a dealer registered under composition scheme is not required to maintain detailed records as in the case of a normal taxpayer . 4.aggregate turnover in a State’ means ‘Value of all (Taxable supplies + Exempt supplies) – (GST Value of inward supplies taxable under reverse charge) of all persons having the same PAN 5.a composition dealers needs to file a quartely return in form GSTR 4 and a yearly annual return 6.yes you need to check the autopopulated invoices of you registered suppliers.

thanks for all your info.

in composite scheme, whats need to be done for old inventory?

You need not do anything Wid old inventory however if you are Gng for composite scheme then your stock should be be locally purchased I. E the it should not contain goods which are purchased in course of inter state trade or imported from outside India or rec from a branch outside state or from agent or principal outside state. It should also not hv been purchased from unregistered dealer and if so purchased tax has been paid on rcm

You need not do anything Wid old inventory however if you are Gng for composite scheme then your stock should be be locally purchased I. E the it should not contain goods which are purchased in course of inter state trade or imported from outside India or rec from a branch outside state or from agent or principal outside state. It should also not hv been purchased from unregistered dealer and if so purchased tax has been paid on rcm

Hi,

Thanks again for your reply.

There is inventory which has been purchased with local agent but delivered from outside state. shipping and billing address is of another state.
what needs to be done? what you mean by rcm? sorry i am not aware about all this term.

In future,i cant buy products from those vendors who delivers from outside state? we need to see billing address or shipping address?

Hi,

Thanks again for your reply.

There is inventory which has been purchased with local agent but delivered from outside state. shipping and billing address is of another state.
what needs to be done? what you mean by rcm? sorry i am not aware about all this term.

In future,i cant buy products from those vendors who delivers from outside state? we need to see billing address or shipping address?

If your stocks has goods purchased from outside the State then you can't b eligible for composite scheme. You hv to sell-off the stock purchased from outside state  b4 applicability of gst to get registered under composition scheme Yes in future you can buy goods from different states. But your outward supply should be within the state

in future if they are allowing to buy stock from other state then why existing stock need to knock off? its very difficult to sell of the existing stock.

in composite scheme, ITC applicable?