composition

Composition dealer can not issue tax invoice. You have to issue bill of supply instead of tax invoice. Also, you can not claim input credit on your inputs purchased.

sir in some article i found that where the closing stock comprises the stock purchase from interstate can not opt for composite scheme it it correct.plz guide.

it is my requets to all learned professional that plz throw the light regards the conditions mentioned for composite scheme in proper way so that it could be used inpractical situation.thanx

i am pasting the article of one site plz have a reading of it and then guide me with line which has been made bold 

Conditions for applicability include:

• Must be a registered taxpayer
• Goods held in stock must not have been purchased from outside the state or from outside India
• Goods held in stock must not have been purchased from an unregistered dealer; if so, the taxpayer shall pay tax on the goods
• Aggregate turnover in the preceding financial year must have been less than 50 lakhs. Aggregate turnover includes the value of taxable and non-taxable supplies, and exempted and exported supplies. It does not include taxes levied under GST or the value of inward supplies
• If more than one registered persons have the same PAN, then a registered person shall not be eligible for the composition scheme unless all registered persons under the same PAN opt in for the composition scheme

Those not eligible for the composition scheme include:

• Service providers
• Suppliers of non-taxable goods
• Taxpayers engaged in the interstate supply of goods
• Those engaged in supply of goods through an eCommerce operator
• Manufacturers of notified goods
• Casual taxable persons or non-resident persons

If it turns out that an ineligible taxpayer enters into the composition scheme, he will later be liable to pay the differential tax along with a penalty.

Dear Sir,

What is UTGST ?  still am not understood for UTGST Act ,

Regards 

Dinesh G

union territory gst