can a newly formed business entity get registered ,for the very first time, under composition scheme, as there is no preceding financial year turnover because business entity was not in existence in preceding financial year?
Yes a newly formed business entity can opt for Composition Scheme if the person is of the view that his Aggregate Turnover during the year does not exceeds the prescribed limit i.e. Rs. 1.5 crores ( Rs. 75 lakhs incase of Special Category States ) and Rs. 50 lakhs in case of Service Provider.
1.There aggregate turnover should be less than or equal to 1 cr during Py 2.Current year turnover should be less than or equal to 1.5 cr 3.special states - current year turnover should be less than or equal to 75 lacs 4.service provider - current year turnover should be less than or equal to 50 lacs 5.should not enter into inter state supply of goods or 6. expemted supply of goods
A newly formed business can be registered with composition scheme for the first time. Aggregate turnover as per the pescribed limits of Rs.1.5 cr. service-50 lakhs...
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