can composition dealer opt margin scheme available in case of buying and selling of second hand goods????
if yes, then composition tax @ 1% is to be paid on transaction value or transaction value less purchase price of second hand goods????
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Margin scheme vis-a-vis composition dealers
Replies (13)
Sir, please mention nature of business.
buying and selling of old laptops sir. please explain if we can charge 1% on our profit margin being a composition dealer? being a composition dealer, we don't avail ITC in anyway
please explain on legal front
please explain on legal front
| Originally posted by : JANAK TANNA | ||
 |
buying and selling of old laptops sir. please explain if we can charge 1% on our profit margin being a composition dealer? being a composition dealer, we don't avail ITC in anywayplease explain on legal front |  |
Under Composition Scheme of GST 1 %apply on Turnover Amount , Not on Profit Amount
Yes, Ravi sir is right. 1% is on your outwards supplies.
You can put any margin as you wish on sale of old laptop.
You can put any margin as you wish on sale of old laptop.
means i can't apply 1% on margin??
No law is restricted to take a fixed margin. It is seller decision to sell it as per his profit.
My personal opinion is that raise bills on your selling price.
My personal opinion is that raise bills on your selling price.
ok sir. thanks a lot
You r always welcome.
you have to pay 1% on the transaction value and not on the margin amount.
compostion dealer has to 1% on outwards supplies amount from his own pocket and remit it to the government while filing GSTR 4 returns.
agreed with Mr. Prakin's opinion
Hi,
I have some queries on Marginal Scheme.
What will be the document of invoice like Tax invoice or Bill of Supply?
Can a GST registered Dealer sell second hand goods Inter State on IGST under Marginal Scheme?
Does registered dealer required to raise eway bill in case value of supply above 50000 and margin is under 50000?
Is there any Reverse charge on Labour charge, etc inccurred on refurbished items?
How to file GSTR3B and GSTR1 under Margin Scheme.
I think you all have ignored Purchase of Goods from Unregistered, for Composition Tax Payer. If Composition Tax Payer cannot work under Margin Scheme, how can he buy from Unregistered without paying RCM.
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