Tax on composition scheme

Others 469 views 10 replies

sir

what will be the tax per quarter on sales if one is in composition scheme,

Replies (10)
It would be 1% of turnover in case of traders, 2% of turnover in case of manufacturers and 5% of turnover in case of supply of works contract.

thanks

what will be the procedure to surrender gst will it be online or manual

what about present closing stock if one is in now vat compostion scheme

my turnover is less than 20 lacs

can one purchase interstate also???

In gst regime you cannot purchase interstate if you opt for composition scheme

ATTACHED IS AN ARTICLE ON COMPOSITION SHEME UNDER GST

In gst everything is online only. If you opt for Composition scheme you will not get any input tax credit for vat or excise duty paid on inputs. You can purchase interstate goods.

pls recheck as there is some amendment that one can purchase interstate  if in composition scheme

he can purchase from other state but cannot sell in other state

thanks

1)  Manufacturers, other than manufacturers of such goods as may be notified by the Government
one per cent.


2)  Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II
two and a half per cent.


3)  Any other supplier eligible for composition levy under section 10 and these rules
half per cent.

yes I am wrong person opting for composition scheme cannot make interstate sale but he can purchase goods interstate thanks deep for correcting me 

can work contractor and govt Contractor are get benefit of under composition scheme ??
Did recipient need to pay tax under reverse charge for the supply which is being supplied by person who opt composition scheme as he is not registered for GST.??


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