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Composition tax scheme under gst
can anyone explain how to opt for composition scheme under GST? and if i am a regular VAT registrant under VAT act, and i am purchasing goods from another state, but do i have sales only within the state, am i eligible to opt for composition scheme under GST?
Replies (12)
yes.if your aggregate turnover below 50lac.you can choose composition scheme.but you can't claim itc on your inwards and you have to pay nominal rate of tax on your outward supply (rate still not finalised). your customer can't claim itc on your outward supply.
No,You are not eligible to opt composition scheme; because you are purchasing goods from another state.
as section 9 c talks only about, not eligible in case doing inter state supply.i hope there is no restrictions for inward supply.
is interstate purchase is allowed under COMPOSITION SCHEME UNDER GST?
Yes, Interstate purchase is allowed under composition scheme under GST
I apologise for my previous reply
Returns under composition scheme are monthly or quarterly?
thank you all for sharing information
what is the rate of GST under restaurant business in composition
Yes you can but subject to your annual sales should not be more than rs 50 lakhs. in composition scheme total 5% tax will be charged, 2.5% CGSt and 2.5% sgst.
if your turnover is greater than 50 lakhs, GST will be applicable at norm rates and you input credit will be applicable either your input purchases are within the state or outside state.
if your turnover is greater than 50 lakhs, GST will be applicable at norm rates and you input credit will be applicable either your input purchases are within the state or outside state.
Whether i who had opted composition scheme have to pay Tax under reverse charge ????
I have a medical shop having turnover of around 30 lac, will I be eligible for composition scheme?
I think so act is mentioning only 'outward supply of goods ' and silent over inward (purchase from other states )supply.
MEANS WE CAN MAKE PURCHASES FROM OTHER STATES. . . . But govt should clarify on this issue.
MEANS WE CAN MAKE PURCHASES FROM OTHER STATES. . . . But govt should clarify on this issue.
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