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Voluntary registration in GST

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CA Abbasali H. Bhaisaheb (Working as A FACULY FOR CA STUDENTS)   (1127 Points)
Replied 19 July 2017

Originally posted by : Anil R. Kandera
what is mean by composite dealer?

Composition scheme is for those who pays GST on its turnover without charging GST in invoice. He will issue BILL OF SUPPLY.

He wont be able to take any credit on tax paid on recieptof services or goods

 

He should be supplier of goods only

Service suppliers are not eligible for this scheme.

 

Limit is 7500000 

 

No interstate supply is possible in this cheme.

 

 

This scheme is practically not suitable because of credit blockage



Mithul Jain (18 Points)
Replied 22 July 2017

I'm a regular tax payer under vat and want to convert to composition scheme in gst, but my CA told me that if I convert now, I will have to pay tax for the stock held by me as of 30/6/17. is it true?


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