Dear persons,....
1. what is mean by composition tax payer versus quarterly return monthly payment QRMP ?? what is the threshold limit for both this scheme what is the eligibility
2.More confusing, suppose I want to reduce my invoice value RS 5000 to 4000 means which note I have to issue debit or credit?? (seller )
Buyer( suppose if I wants to increase my value invoice value means which not I should have to issue debit or credit
please explain me what is mean by debit note and credit note BOTH IN FINANCIAL AND GST...
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GST Updation doubt please help me
Replies (5)
Quick Summary
1. The composition scheme is meant for small businesses whose turnover of taxable goods not more than ₹1.5 Crores, where GST must be borne by the seller @ 1% of such turnover by Traders, @ 2% by Manufacturers, 5% for Restaurants & 6% for Service Providers
The Composition taxpayer cannot issue a tax invoice, because the tax must be paid by the dealer out of pocket. A Composition Dealer is not allowed to recover the GST from the customers.
The taxpayers under the regular GST will have to file returns monthly or quarterly. It gives the benefit of input tax credit of GST paid on purchase of both services & products.Quarterly filing option i.e. QRMP available to dealers having turnover below 5 crore.
2. Issue credit note
The Composition taxpayer cannot issue a tax invoice, because the tax must be paid by the dealer out of pocket. A Composition Dealer is not allowed to recover the GST from the customers.
The taxpayers under the regular GST will have to file returns monthly or quarterly. It gives the benefit of input tax credit of GST paid on purchase of both services & products.Quarterly filing option i.e. QRMP available to dealers having turnover below 5 crore.
2. Issue credit note
@ Thank you Soo much Rashmi Gandhi mam detail explanation ....
Welcome Dear 🤗
@ Rashmi Gandhi mam ,
Mrs Lakshmi Lal Jain is a supplier of lalitha Jain ,she supplies RS 10ooo worth goods to lalitha...After Lakshmi Lal wants to increase the tax invoice value means ,she have to issue debit note .. IAM I right
suppose wants to decrease the value means issue credit note by Lakshmi
iam I right
Mrs Lakshmi Lal Jain is a supplier of lalitha Jain ,she supplies RS 10ooo worth goods to lalitha...After Lakshmi Lal wants to increase the tax invoice value means ,she have to issue debit note .. IAM I right
suppose wants to decrease the value means issue credit note by Lakshmi
iam I right
Composition rate 1% for both traders n manufacturers.
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