Menu
compositions dealer
whether compositions dealer liable to pay tax @ 1% on exempt and nil rates goods
Replies (7)
yes you have to pay .5 CGST and .5 SGST on aggregate turnover.
if trader , tax payable only on taxable supply. pls refer to notification no. 8/2017 and 1/2018 for more clarification.
I didn't get any clarification in such notifications regarding non levy of tax by composition dealer on exempt supply
The notification mentions to pay on taxable supplies of goods 1/2018-CT. The term taxable supply means which attracts levy under GST. So, it appears that even exempted supplies attracts 0.1% as there is levy on the exempted supplies but exempted for tax payment.
Traders under Composition Scheme are required to pay GST only on their Taxable Turnover and will not include Exempt Supply.
thank you to all
Your Welcome
Recent Topic
- Form 16 Includes Salary Recovered Towards Notice P
- Altera INTC
- Itr schema a.y 26-27 v/s form no.16
- Advance Tax for senior citizen with small speculat
- Zero income tax on Capital Gain on sale of house p
- Rental income calculation for 12months
- PF Withdrawal before completing 5 years
- Discrepancy in "Processed By Source" and
- Dilemma of Indian Dependant Housewives
- TDS console file not open in RPU 1.1
Related Topics
CAclubindia
