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Composition scheme applicability
Is a tyre retreading concern eligible for composition scheme u/s 10, it is a works contract under VAT
Replies (3)
Ans. Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme.This holds true if your annual turnover is below Rs 50 Lakhs.any business concern having turnover below 50 lakhs can opt for compensation scheme under GST.
Ans. Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme.This holds true if your annual turnover is below Rs 50 Lakhs.any business concern having turnover below 50 lakhs can opt for compensation scheme under GST.
i think it is for pure service concerns not for works contract it seems, property in goods involved, turnover limit is 75 lacs to be eligible for composition scheme,
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