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Regular or composition scheme

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Manish Shaw

Student

106 Points Posted on 29 April 2020

In case of retail tea merchant which GST registration scheme in beneficial?

Replies (4)

Quick Summary

This discussion explores whether a retail tea merchant should opt for the Regular or Composition GST scheme. The Composition scheme simplifies accounting and filing but forfeits Input Tax Credit (ITC) and requires paying tax from pocket. The Regular scheme allows for ITC benefits but involves more complex record-keeping and monthly returns. The choice depends on your business needs and whether you sell branded or non-branded teas.

RAJA P M

"Do the Right Thing...!!!"

128157 Points Posted on 29 April 2020

As per Your requirements You can go with Composition Scheme...

But,
Better to consider Your business with Your customers.

Shivam RC

Student

23693 Points Posted on 29 April 2020

If you want to reduce the tedious work of maintaining proper books of Accounts, filing monthly return etc , then better to go for COMPOSITION SCHEME under Section 10. But note that no ITC will be eligible. You have to pay a small percentage of tax from your own pocket.

If you want to enjoy the benefit of ITC, then opt for REGULAR REGISTRATION.

Are you selling any Branded Tea ( like Tata, Brooke Bond brand etc ) ???