Composition Scheme For Retail Traders Under GST
By: – sunilkumar Gupta
Goods and Services Tax – GST
Dated:- 1-7-2017<\/p>\n
Comparision of Normal Dealer & Composition Dealer Under GST
\nNORMAL REGISTERED DEALER
\n5%
\n12%
\n18%
\n28%
\nCOLLECTED FROM CUTOMER
\n 1,00,000.00
\n 1,00,000.00
\n 1,00,000.00
\n 1,00,000.00
\nGST
\n 4,761.90
\n 10,714.29
\n 15,254.24
\n 21,875.00
\n(A)
\nSELLING PRICE
\n 95,238.10
\n 89,285.71
\n 84,745.76
\n 78,125.00
\n(B)
\nPURCHASE PRICE
\n 70,000.00
\n 70,000.00
\n 70,000.00
\n 70,000.00
\nGST PAID ON PURCHASE
\n 3,500.00
\n 8,400.00
\n 12,600.00
\n 19,600.00
\nNET AMOUNT PAID
\n 73,500.00
\n 78,400.00
\n 82,600.00
\n 89,600.00
\n(A-B)
\nNET INCOME
\n 25,238.10
\n 19,285.71
\n 14,745.76
\n 8,125.00
\nCOMPOSITION DEALER
\n5%
\n12%
\n18%
\n28%
\nCOLL<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n r.GSTR-9 is to be filed upto 31st December of next financial year. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Composition Scheme For Retail Traders Under GSTBy: – sunilkumar GuptaGoods and Services Tax – GSTDated:- 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 … Continue reading “Composition Scheme For Retail Traders Under GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-5466","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5466","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=5466"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5466\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n2 Cash sales of upto ₹ 200 can be clubbed together as one on daily basis. However bill should be raised where the cutomer so demands
\n3 Traders are to pay tax @0.5% CGST, 0.5% SGST .
\n4 Purchase from unregistered dealers can be made upto ₹ 5000\/- per day in aggregate without any liability to be registered.
\n5 A dealer registered under composition scheme is not required to maintain detailed records as in the case of a normal taxpayer.
\n6 A Composition Dealer is not allowed to avail input tax credit of GST paid to their supplier.
\n7 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<\/p>\n
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