Dear All,
i am a trader dealing with only end customers,i buy my goods from wholesalers/manufacturers and sell it to the end customers,i dont do online sales or sales outside my state (Maharashtra),only few purchases are made from outside the state(gst bill is given by my suppliers 18%) is the rate on goods i deal in.
when gst started i had registered as a regular gst trader input tax credit i would get and on my sales i would get the setoff,
now since as on 6oct17 gst council increased the limit to 1cr,my query is can i opt for the composition scheme as my sales or purchases aren't above this 1cr figure even though as mentioned earlier i have opted for a regular scheme as on 1july2017 as my sales were above 75lacs but below 1cr
also is it beneficial for me in composite scheme than regular scheme
this is how i am dealing and getting setoff as of now suppose i deal in a product
cost price
mrp 1000
-30percent discount
plus cgst/sgst or igst 18 percent
selling price
mrp 1000
less 15.2542 percent
plus 18percent gst
final selling price 1000 inclusive gst 18percent
in composite scheme i will have to pay just 1 percent inclusive in mrp 1000
so please advise as to what should i opt for composite scheme or the regular scheme?
CAclubindia
