my annual turnover is below RS 60 Lakh which includes taxable purchase and tax-free purchase
my sale is also taxable purchase and taxable sale
should I take benefit of composition Scheme
Under composition you are liable to pay 1% GST on your total trades, which include taxable and also exempt goods!!!
Yes, If total turnover is below 75 Lacs in a financial year you can opt for Composition. But, following should be taken care of
1. Input tax credit cannot be availed.
2. Cannot issue tax invoice.
3. Tax should be payable on total Turonver (Whether it is taxable or Exempted is completely irrelavant).
4. You should do only local sales(Intra state Supply), If you have any Inter state sales then you cannot opt for Compostion.
@ Pawan Parikh: Definitely Yes.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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