Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 23-12-2016 Last Replied Date:- 24-12-2016 – Revised GST Law under Section -9 provides that small taxpayer can opt for the scheme of composition tax instead of opting for paying tax under the regular supply of goods. Here this should be noted that this option is not available to registered taxable person who is providing only service . By opting the composition tax scheme , one can save himself from all the hassle of exhaustive provision of GST Law. Before we switch over to related provision of this section it is mandatory to understand the definition of Aggregate Turnover. As per Section 2(6) , Aggregate Turnover means the aggregate value of all taxable supplies, exempt supplie
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f percent in case of manufacturer and one percent in other case, of the turnover in the state during the year . Composition scheme can not be allowed to the following taxable person; Who is engaged in the supply of services Person who make supply of goods those are not leviable to tax. Who make interstate outward supply of goods Who make supply of any goods through electronic commerce operator who is required to collect tax at source u/s 56 Who is manufacturer of such goods notified by the council. This provision will be allowed to RTP only when all registered taxable person under the same PAN opt to follow the same scheme. Permission granted to RTP shall be withdrawn on the day when his turnover exceeds ₹ 50 lacs during financial yea
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