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Composition Dealer
I m compostion Dealer If I cross the limit of Composition so what to do if the excess turonvoe after limit Cross??
Replies (7)
For FY 19-20 Composition dealer limit is 1.5 Cr, except northeastern states which have 75 Lacs, if u have crossed this specified limit then immediately take Registration as Regular taxpayer within one month .
What will be treatment of exceed value of Turnover...... Normally pay under Composition tax or pay Regular rate???
From the day you exceed the limit u have to pay GST on regular basis.. There shall be no separate treatment of exceed limit. Total turnover will be taken into account to determined the regular GST payment...
What will be treatment of beyond limit of turnover......
First get get amend the registration in regular from Composition, then paid whole turn over in regular GST , no separate taxability of beyond limit of turn over. Henceforth complete Turnover will come under Regular basis....
For the FY 19-20, the threshold limit for composition dealer is Rs.1.5 Cr, except in special category states which is Rs. 75 Lacs.
If the tax payer crosses the limit during the financial year then he should immediately amend his registration into a regular taxpayer.
good clarification and information
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