GST Ki Master Class III: Composition and record keeping
GST
Dated:- 8-7-2017
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\n=============
\nDocument 1
\nGST
\nKi
\nMaster Class III
\nComposition and record keeping
\nThis class is in two parts..
\nPART A-Composition Scheme
\nWhat is the composition scheme
\nWho is eligible to avail composition scheme
\nCategory of persons excluded from the Scheme
\nComposition rates and computation of tax
\nProcedure to be followed
\nPart B- Accounts and records
\nAccounts and records to be maintained
\nPeriod for which to be retained
\nPart A Composition Scheme
\nComposition levy is an option for specified categories of small taxpayers to pay GST at a very low rate on the basis of turnover.
\nAdvantages
\nLow rate of tax
\nHassel free simple procedures for such taxpayers
\nSimple calculation of tax based on turnover
\nA very simple quarterly return
\nComposition Scheme
\nThe composition scheme is for
\nManufacturers
\n(other than few notified goods)
\nTraders of goods
\nRestaurants
\nh<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n in M P. Total turnover of two units in last FY was Rs 55 lakh. Total turnover of two units in the first quarter of this year was Rs 20 Lakh = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST Ki Master Class III: Composition and record keeping GSTDated:- 8-7-2017Click here to see PPT on GST ============= Document 1 GST Ki Master Class III Composition and record keeping This class is in two parts.. PART A-Composition Scheme What is the composition scheme Who is eligible to avail composition scheme Category of persons excluded from … Continue reading “GST Ki Master Class III: Composition and record keeping”<\/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-5928","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5928","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=5928"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5928\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nComposition Scheme-Who is not eligible
\nSupplier of services except restaurants
\nAny person who
\nmakes (i) a supply of non-GST goods; or (ii) an inter-state supply; or (iii) a supply that attract TCS
\nis engaged in manufacture of goods, namely,
\nice cream, pan
\nmasala
\nor tobacco and manufactured tobacco substitutes
\nIs a casual or a non-resident taxable person
\nComposition Scheme-
\nConditions & restrictions
\nIf at the time of opting for scheme he has stock of goods purchased from unregistered person he will pay the tax on such goods
\nNot entitled to take ITC on inputs
\nPay tax on inward supply from unregistered dealers
\nPay tax on supply attracting reverse charge
\nShall not collect any amount as tax
\nShall mention on bill of supply
\n\u201cComposition taxable person, not eligible to collect tax on supplies\u201d
\nShall mention \u201c
\ncomposit<\/p>\n
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\nAgent to maintain records receipt and supply on behalf principal and records of authorization by the principal
\nA C&F agent or a carrier having custody of goods on behalf of a registered person shall maintain details of goods handled by him.
\nAccounts and Records-requirements
\nIt is sufficient (
\nbut not necessary)
\nto maintain accounts and records in electronic form
\nRecords can also be maintained manually \u2013 Such records are to be kept and be accessible at related place of business.
\nRequired to retained for six years from the due date of annual return
\nCommissioner may for a class of taxable persons
\nnotify maintenance of additional documents
\nprescribes alternative documents, if such class is not able to maintain records as per the provisions of the Act.
\nSeparate records for works contract ( receipt \/supply \/payments etc.)
\nProduction of records on demand
\nAccounts and Records-requirements
\nEvery taxable person having turnover exceeding prescribed limit shall get his acco<\/p>\n
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