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Composition levy
what is composition levy? who eligible to composition tax ? how tax rate? in gst
Replies (6)
Eligibility for composition scheme: Turnover below Rs75 lakhs., Sales only on intrastate, and as specified by govt.
GST for trader @ 1%, Manufacturer @ 2%,Suppliers of food for human consumption @ 5%
Composite dealers cannot take ITC and cannot charge tax from customer.
They have to file a quarterly return..
If they purchase from URD, RCM is applicable on them.
Mr/ms
what is URD ,RCM
what is URD ,RCM
URD : Unregistered dealer
RCM: reverse Charge mechenism
How to calculate rcm which bill applicable under rcm? and what % declare the govt . explain along with example
Tax rate will be same as prescribed for forward charge...
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