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Regarding composition scheme transition query
If normal service provide receives advance of 50k in march and paid 18% tax on it in march itself and then he opts for composition scheme for next year to pay tax @ 6% ...date of invoice and completion of service will happen in the period of composition...but tax is paid at normal rate . what will happen with that extra amount of 12% tax paid?
Replies (4)
Service provider can not opt for vomposition scheme. Refer section 10(2) of CGST act.
sabyasachu majana ... kindly refer notification no 2/2019
good clarification and information
Service Provider with upto Rs. 50 lakhs Turnover limit can opt for Composition Scheme from FY 19-20. Refer Notification No. 02/2019-Central Tax (Rate) ,dt. 07-03-2019.
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