Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 14-4-2017 Last Replied Date:- 17-4-2017 – CGST Bill,2017 under Section -10 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 person who is providing only service except supply of service mentioned in clause b of paragraph 6 of Schedule-II . 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 important to understand the definition of Aggregate Turnover. As per Section 2(6) , Aggregate Turnover means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by person on reverse charge basis), exempt supplies , export of goods or services or both and interstate supplies of persons having t
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y of service is for cash , deferred payment or other valuable consideration.] Half percent of turnover in State or UT in case of other supplies. The above limit of ₹ 50 lacs may be increased by government by way of notification by such higher amount but not exceeding ₹ 1 crore. Composition scheme can not be allowed to the following taxable person; Not engaged in the supply of services other than mentioned in clause b of paragraph 6 of Schedule-II . Not engaged in supply of goods those are not leviable to tax. Not engaged in interstate outward supply of goods. Not engaged in supply of any goods through electronic commerce operator who is required to collect tax at source u/s 52. Not engaged in the manufacturer of such goods notified by the council. This provision will be allowed to RP only when all registered taxable person under the same PAN opt to follow the same scheme. Permission granted to RP shall be withdrawn on the day when his turnover exceeds ₹ 50 lacs during
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in state shall be deemed to be intimation to all other State or UT of business under the same PAN. Restriction and condition for composition levy Person exercising the option u/s 10 will need to follow the following restriction : Neither a casual trader or non resident can opt Goods held in stock on appointed day should not have been purchased from inter state trade or imported outside India, transfer from his branch outside the State, where the option is exercised under sub rule 1 of Rule 1. Goods held in stock have not been purchased from unregistered person and where purchased , he has paid the tax u/s 9[4]. He shall pay tax under sub section 3 & 4 of section 9 on inward supply of goods or services from unregistered person. On the top of the bill supply he will mentioned composition taxable person On every notice or signboard , he shall mention composition taxable person at his principal place of business or additional place of business. Registered person need not file intimati
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