What might be the reason behind blocking the credit paid on composite supplies.
Why should it be disallowed?
Menu
ITC on composite supplies
Replies (1)
Composite dealers are not allowed to collect tax, i.e. a person who purchases from a composite dealer should not pay any taxes to him. Question to be re-worded.
If you meant why cannot a composite dealer avail credit, the reason is because he is allowed a concessional rate of tax, and is applicable only for small dealers with limited turnover and transactions.
If you want to enable ITC claim, suggest to register as a regular tax payer and follow compliances.
Hope this helps.
Recent Topics :
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
Related Topics :
CAclubindia
