Composition Tax under revised GST law
By: – Sanjeev Singhal
Goods and Services Tax – GST
Dated:- 23-12-2016<\/p>\n
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.
\nAs per Section 2(6) , “Aggregate Turnover” means the aggregate value of all taxable suppl<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n but not less than two and half percent in case of manufacturer and one percent in other case, of the turnover in the state during the year . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Composition Tax under revised GST lawBy: – Sanjeev SinghalGoods and Services Tax – GSTDated:- 23-12-2016 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 … Continue reading “Composition Tax under revised GST law”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2045","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2045"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2045\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nComposition scheme can not be allowed to the following taxable person;
\n *
\nWho is engaged in the supply of services
\n *
\nPerson who make supply of goods those are not leviable to tax.
\n *
\nWho make interstate outward supply of goods
\n *
\nWho make supply of any goods through electronic commerce operator who is required to collect tax at source u\/s 56
\n *
\nWho is manufacturer of such goods notified by the council.
\nThis provision will be allowed to RTP only when all registered taxable person under the same PAN opt to follow the same scheme.
\nPermission granted to RTP shall be withdrawn on the day<\/p>\n
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