How should we have to show in our books,if purchase from composition dealer? under zero rated purchase or particular tax rated head?
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Purchase from composition dealer
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Quick Summary
The composition dealer is not allowed to charge gst on invoices, hence the question of itc does not arise. As the composition dealer has to pay tax on turnover basis.
Under purchase from composition dealer
When you buy from a composition dealer the purchase amount become the cost for the buyer
they will gives you bill of supply only
no reverse mechanism or input tax credit
they will gives you bill of supply only
no reverse mechanism or input tax credit
Purchase from composite dealers do not attract GST
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