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Composition scheme under gst
I have a question about going to composition scheme from Regular under Gst.. the question is When a regular dealer registered under VAT want to Opt for composition under GST .. So now the stock held by him on which he claimed input tax credit under VAT is liable to pay VAT or GST on stock (not about 1% or whatever rate being for composition on sale value)..If yes than at what Rate ???
Replies (5)
As per my opinion:-
Itc of vat will be reverse, suppose you have closing stock worth Rs. 100000, vat rate is 5% then you have to reverse 5000 and 1% will be pay under gst composition scheme
Itc of vat will be reverse, suppose you have closing stock worth Rs. 100000, vat rate is 5% then you have to reverse 5000 and 1% will be pay under gst composition scheme
sir
what about if taxes are not consumed.
whether cgst sgst hve to be separately deposite???
what about if taxes are not consumed.
whether cgst sgst hve to be separately deposite???
in old tax regime, dealer who were registered under composition scheme can not claim ITC. They had to pay 1% flat tax of their sale.
Under GST Regime, only business dealing in goods can opt composition scheme. Restaurant may also opt composition scheme.
Rate of Tax
for Manufactures (other than notified goods) not more thatn 2%
for Restaurant not more than 5%
and for others not more than 1%
There is not ITC benefit available for composition shceme holder, also they can not issue Tax Invoice.
There is no separate challan. Pay one challan by puting up CGST amount and SGST amount in their respective column.
good clarification and information
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