Composition Scheme For Retail Traders Under GST
By: – sunilkumar Gupta
Goods and Services Tax – GST
Dated:- 1-7-2017
Comparision of Normal Dealer & Composition Dealer Under GST
NORMAL REGISTERED DEALER
5%
12%
18%
28%
COLLECTED FROM CUTOMER
1,00,000.00
1,00,000.00
1,00,000.00
1,00,000.00
GST
4,761.90
10,714.29
15,254.24
21,875.00
(A)
SELLING PRICE
95,238.10
89,285.71
84,745.76
78,125.00
(B)
PURCHASE PRICE
70,000.00
70,000.00
70,000.00
70,000.00
GST PAID ON PURCHASE
3,500.00
8,400.00
12,600.00
19,600.00
NET AMOUNT PAID
73,500.00
78,400.00
82,600.00
89,600.00
(A-B)
NET INCOME
25,238.10
19,285.71
14,745.76
8,125.00
COMPOSITION DEALER
5%
12%
18%
28%
COLL
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r.GSTR-9 is to be filed upto 31st December of next financial year.
2 Cash sales of upto ₹ 200 can be clubbed together as one on daily basis. However bill should be raised where the cutomer so demands
3 Traders are to pay tax @0.5% CGST, 0.5% SGST .
4 Purchase from unregistered dealers can be made upto ₹ 5000/- per day in aggregate without any liability to be registered.
5 A dealer registered under composition scheme is not required to maintain detailed records as in the case of a normal taxpayer.
6 A Composition Dealer is not allowed to avail input tax credit of GST paid to their supplier.
7 Since a Composition Dealer is not allowed to avail input tax credit, such a dealer cannot issue a tax invoice as well. A buyer from c
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