dear sir
guide us gst under composition scheme accounting and audit if turnover up to 1crore 20 lakh in delhi in fabric
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Composition scheme
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With a turnover of ₹1.2 Crore in Delhi, you are eligible for the Composition Scheme as a trader/manufacturer. You will pay a flat 1% GST on your turnover, file Form CMP-08 quarterly and GSTR-4 annually, and issue "Bills of Supply" instead of Tax Invoices. You are not eligible for Input Tax Credit, and no GST Audit (GSTR-9C) is required for your category. Ensure you maintain accurate sales and purchase registers to avoid penalties and to track potential RCM liabilities.
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