Different type of rate under composition scheme mainly for manufacturing of hand made paper
cro0196097 mohd hafiz (39 Points)
16 April 2023Different type of rate under composition scheme mainly for manufacturing of hand made paper
prasad Nilugal
( GST Practitioner & Accounts )
(14169 Points)
Replied 16 April 2023
Pankaj Rawat
(GST Practitioner)
(55032 Points)
Replied 17 April 2023
sabyasachi mukherjee
(26083 Points)
Replied 17 April 2023
Pankaj Rawat
(GST Practitioner)
(55032 Points)
Replied 17 April 2023
:
it is requested kindly read the sections & rule then comment on my reply.
there are 2 type of compoistion taxpayer being prescribed in ACT
Section 10(1) of CGST ACT : whose turnover is not exceeding 1.5 crore can opt this composition scheme. with effect from 01/02/2019 a person who opts to pay tax under clause (a) or (b) or (c) of sec-10(1) may supply service of value not exceeding 10 of turnover in state or 5 lac whichever is higher
And from 01/04/2019 sub-section (2A) was inserted under section 10 of cgst act : under this compoisiton scheme the taxpayer who is supplying goods or services or both can opt for the same and the threshold limit for the same is 50lac.
so for both the scheme the rate of tax is prescribed in rule 7 of cgst act
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