Can I opt Composition, I am dealing only with rice trading
and what is the tax rate
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Composition
Replies (4)
Quick Summary
Yes you can if turnover in the preceding FY is upto 1.5 cr (Rs. 75 Lakh) as the case may be .
Rate CGST @ 0.5 % and SGST @ 0.5% on taxable supply in the State / UT
Important Notes :
1. No ITC can be availed
2. Not entitled to issue TAX INVOICE (have to issue Bill of Supply)
3. Can not do inter state supplies
Yes you can opt for the composiiton scheme provided the turnover is less than Rs. 1.50 crores or Rs. 75 Lacs as applicable.
Yes... I agreed to Mr Naveen chand reply...
What about of annual return for composition scheme
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