COMPOSITION SCHEME • WHAT IS COMPOSITION Scheme in GST :- MEANS: - Composition scheme defines a specified criteria under which eligible and opted person pay ...
COMPOSITION SCHEME • WHAT IS COMPOSITION Scheme in GST :- MEANS: - Composition scheme defines a specified criteria under which eligible and opted person pay tax on specified rates. • WHAT IS ELIGIBILITY CRITERIA:- ELIGIBILITY: - Following are the eligibility criteria for composition scheme: • Whose turnover less than 1 crore (as amended 1.5 crores applicable from 1.04.2019) • FOR special category states* turnover less than 75 lakhs. • FOR service providers (restaurant related only), turnover less than 50 lakhs. WHO CAN NOT OPT FOR COMPOSITION:- • SUPPLIER OF SERVICES other than restaurant related services. • Manufacturer of NOTIFIED GOODS (i.e. ice cream, pan masala, tobacco). • Making INTER-STATE supply. • Casual taxable person, NoN-Resident taxable person. • Business which supply goods through E-Commerce operator. CONDITIONS TO BE SATISFIED:- • NO Input Tax Credit will be allowed. • Can’t Supply GST exempted Goods. • Taxpayer has to pay tax at Normal Tax on Reverse charge mechanism. • If a taxable person has different segment of business (such as textile, electronic, groceries etc.) under same PAN, must opt for all. • Mention ‘COMPOSITION TAXABLE PERSON’ on every signboard/notice displayed at their PLACE OF BUSINESS. • Mention ‘COMPOSITION TAXABLE PERSON’ on every Bill of Supply. • CAN’T Issue tax invoice, issue bill of supply.
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