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Photo studio

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MURALIDOSS

INCOME TAX PRACTITIONER

1329 Points Posted on 06 November 2021

sir,

PHOTO STUDIO AND DEVELOPING LAB CAN REGISTER WITH COMPOSITION SCHEME OR NOT?

Replies (3)

Quick Summary

This discussion clarifies whether a photo studio and developing lab can register under the GST Composition Scheme. The consensus is yes, they can register under Section 10. However, opting for the scheme means a 6% tax will be imposed, and you won't be able to claim any Input Tax Credit (ITC).

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 Points Posted on 06 November 2021

GST Composition Scheme is an option available to a registered taxpayer who needs to inform the tax authorities of his intention to be registered under the scheme. In case the registered taxpayer fails to comply with the same he would be treated a normal tax payer and administered accordingly.

What is composition scheme of GST why it was introduced?

The Government introduced the composition scheme to assist small taxpayers and reduce the compliance burden. A dealer under composition scheme is required to maintain fewer records/books of accounts and not required to file monthly returns. Earlier, the scheme was available to only the suppliers of goods