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Composition scheme

02 July 2017

dear expert,
1)i am a small saree retailer selling goods in state of odisha.
2) i was registered under odisha VAT and have now migrated to GST. my annual turnover is 30 lakhs.
3) sarees were exempt from tax under VAT But are taxable in GST.
4) as on 30 june i have stock which is purchased from unregistered dealer within the state

Can i opt for composition scheme. If yes what is the procedure..plz reply

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14 Replies

Kunal Pansari (Accountant) (1037 Points)
Replied 02 July 2017

Yes, you can apply for composition scheme but you wont get any input tax credit on your purchase

1 Like

sushit shishul (338 Points)
Replied 02 July 2017

Yes opt for Composition scheme.
1)Login to your Gst portal .
2) View your Profile.
3) There is a option for opting Composition scheme.

2 Like

Kedar Prasad (26 Points)
Replied 02 July 2017

With proper documents you can register yourself for GST or get it done by any professional.

Yes, you can opt for composition scheme.

Happy to see, someone from my Odisha has a query here.

1 Like

upasana gupta (Finance Professional) (3931 Points)
Replied 02 July 2017

Yes you can opt for composition scheme as assessee dealing in goods an opt for composition scheme

Any person being granted registration on a provisional basis (registered under VAT Act, Service Tax, Central Excise laws etc) and who opts for Composition Levy shall file an intimation in FORM GST CMP-01, duly signed, before or within 30 days of appointed date.

1 Like

Sanchit Khurana (16 Points)
Replied 02 July 2017

but what about the stock of goods(exempt in VAT but taxable in GST) lying on appointed date purchased from unregistered dealer? do i need to pay any tax for it?

1 Like

Kunal Pansari (Accountant) (1037 Points)
Replied 02 July 2017

Yes, you have to pay tax on lying stock, but only after you sell these goods

1 Like

Sanchit Khurana (16 Points)
Replied 02 July 2017

thanku..

Kedar Prasad (26 Points)
Replied 02 July 2017

Pay tax at each month end on your monthly sale.

1 Like

Sanchit Khurana (16 Points)
Replied 02 July 2017

do persons migrating from VAT need to provide any details of stock?

Mack (finance analyst) (47 Points)
Replied 02 July 2017

Since you opt for Composition scheme no stock details is required to be furnished, further you can not charges S/C-GST to your customer while selling saree's