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- เผยแพร่เมื่อ 21 ก.พ. 2022
- Published on 22-02-2022
Mail: yourauditornetwork@gmail.com
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Who cannot opt for Composition Scheme
The following people cannot opt for the scheme-
Manufacturer of ice cream, pan masala, or tobacco
A person making inter-state supplies
A casual taxable person or a non-resident taxable person
Businesses which supply goods through an e-commerce operator
What are the conditions for availing Composition Scheme?
No Input Tax Credit can be claimed by a dealer opting for composition scheme
The dealer cannot supply goods not taxable under GST such as alcohol.
The taxpayer has to pay tax at normal rates for transactions under the Reverse Charge Mechanism
If a taxable person has different segments of businesses (such as textile, electronic accessories, groceries, etc.) under the same PAN, they must register all such businesses under the scheme collectively or opt out of the scheme.
The taxpayer has to mention the words ‘composition taxable person’ on every notice or signboard displayed prominently at their place of business.
The taxpayer has to mention the words ‘composition taxable person’ on every bill of supply issued by him.
As per the CGST (Amendment) Act, 2018, a manufacturer or trader can now also supply services to an extent of ten percent of turnover, or Rs.5 lakhs, whichever is higher.
How can a taxpayer opt for composition scheme?
To opt for composition scheme a taxpayer has to file GST CMP-02 with the government. This can be done online by logging into the GST Portal. This intimation should be given at the beginning of every Financial Year by a dealer wanting to opt for Composition Scheme.
How Should a Composition Dealer raise bill?
A composition dealer cannot issue a tax invoice. This is because a composition dealer cannot charge tax from their customers. They need to pay tax out of their own pocket. Hence, the dealer has to issue a Bill of Supply. The dealer should also mention “composition taxable person, not eligible to collect tax on supplies” at the top of the Bill of Supply.
How should GST payment be made by a composition dealer?
GST Payment has to be made out of pocket for the supplies made. The GST payment to be made by a composition dealer comprises of the following:
GST on supplies made.
Tax on reverse charge
What are the returns to be filed by a composition dealer?
A dealer is required to pay tax in a quarterly statement CMP-08 by 18th of the month after the end of the quarter. Also, a return in form GSTR-4 has to be filed annually by 30th April of next financial year from FY 2019-20 onwards
What are the advantages of Composition Scheme?
The following are the advantages of registering under composition scheme:
Lesser compliance (returns, maintaining books of record, issuance of invoices)
Limited tax liability
High liquidity as taxes are at a lower rate
What are the disadvantages of Composition Scheme?
A limited territory of business. The dealer is barred from carrying out inter-state transactions
No Input Tax Credit available to composition dealers
The taxpayer will not be eligible to supply non-taxable goods under GST such as alcohol and goods through an e-commerce portal.
You said Not exceeding 10% of turnover in the state in preceding financial year or 5 lacs whichever is higher, so what is the meaning mam
Travels vachi irukkuravangalukku ithu sari varuma? Ippo 5% katturom.composition la evalo kattanum?? Indha turnover ha IT filing ku kamikka mudiyuma madam?
Clearly understand. Thank you.
Thank u for the post. If CD Purchase from URD , THEN how to show Purchase in gst. Whether we have to pay tax on Purchase also?
Super explanation
Madam, i am operating a food delivery app in a small town, my turnover is less than 20lakhs, can i opt for composition scheme?
Thank you dear 😊
How to change composition scheme to regular sceam & please tell the rules madam
நான் இந்த வரிவிதிப்புக்கு புதியவன். ஆயினும் சில விஷயங்கள் புரியுது. நன்றி.
Ma'am, Kindly upload videos for RCM
Mam
How to apply CMP02
Pls.send the vedio
Thank you madam
Super mam
தமிழகத்தில் gstr4 ல் விற்பனை செய்பவர் அந்த வியாபாரத்திற்கான கொள்முதல் டெல்லியில் செய்யலாமா?
B2c la HSN code poadanum ah
COMPO TO COMPO DEALER SUPPY SEIYAAETHAVATHU TAX EFFECT IRRUKKADETAILS NEED MAM
Composition scheme la loans la eduka mudiyuma
Tqs sis
thankyou mam
Super
Below 40lakhs iruku examption la file pannalama
In Composition plan how much we need to pay auditor fee for quarterly return and annual filling charges.
It depends on the auditor who is charging it. You may have to choose it..
Good evening madam
I need one small doubt this composition scheme Civil contract or engineer suitable aguma madam Kindly your explaination madam
Gst Tamil part 2 இருக்குதா பார்த்தால் கிடைக்கலா CD இருக்குதா கிடைக்குமா
CA pesara mathiri pesunga medam how much turnovet limit in cot dealers
Mam
I am composition delar. I edit wrong figure in quarterly return. Can I rectify in gst. Can I what to do mam
Rectify in annual return
Superb madam. Is there any video about GSTR 9 AND 9C MAY BE UPLOADED WHICH WILL BE MORE USEFUL TO OUR PROFESSIONAL FRATERNITY. THANKS A LOT MAM. C.L. RAVIKUMAR, GSTP, PONDICHERRY. 🙏🙏
Will try to make one soon sir.. thanks for your support
1) Composition gst ku current account = indivial la venum ah ila / company name la venum ah mam
2) compostion gst ah iruntha namma other state sale panna restriction la mam..
Appo purchase panalamah other state la ?
Kindly reply mam as soon as possible..
Better to operate current account in company name,
You cannot purchase goods that are exempt under GST or goods that are not covered under the composition scheme.
வணக்கம் மேடம்.
மத்திய அரசு அங்கீகாரம் பெற்ற இ-சேவை மையம் வைத்திருக்கிறேன். 90% ஆன்லைன்தான். நான் composition எடுக்க வேண்டுமா? இது தவிர LIC agency-யும் எடுத்திருக்கிறேன். கடந்த ஆண்டு முதல் incometax file மட்டும் செய்துவருகிறேன். MSME உதயம் சான்றிதழும் எடுத்திருக்கிறேன். இந்நிலையில் GST எடுக்க வேண்டுமா? ஆம் எனில் விவரிக்கவும்.
Mam I have a retail outlet and I’m in regular tax payer but my suppliers many of them are in composition tax payers but they are adding tax in the bill ! But the input is also not coming to us ! So should I stop buying them mam ! Or is der any other option pls advice -
Composition dealers shouldn't charge gst from you.. they have to pay gst out of thier pocket. So you won't get input too.
Mam i have one doubt am exporter can i use this composition scheme for my business. It is applicable
My opinion sir.... Export is deemed to be treated as inter state supply. So, the person who does inter state supply cannot opt for composition scheme.
Can Interstate Service Provider Opt for this Composition Scheme?
No
Hii akka bsc chemistry padichittu ca padikalama
Padikalaam
பொதுவான ஒரு சந்தேகம். சி. ஏ பைனலில் இரண்டு குரூப்பும் ஒன்றாக எழுதி ஒரு குரூப் மட்டும் பாஸ் செய்கிறவர்கள் அடுத்த தேர்வில் பாஸான குரூப்பையும் எழுதனுமா?
pass panna group thirumba eludha vendiya avasiyam ilai
@@camonica3619 this is also apply in inter also?
Yes
Thank you for clear explanation sister...........
Composition scheme la ulla taxpayer interstate service pannalama?
Inter state is not allowed
GST play list parthen nalla irukku
Mam which academy u studied CA ?
i studied in many institutes.. which one you want me to mention?
@@camonica3619 foundation, inter, final all the three mam? Plzz plzz plzz mam
Those institutes are no more famous enough.. that does not gonna help you even if I say
Composition tax payer , need HSN code in bill
Madam
மெடம் cot turnover limited எவ்வளவு அதை சொல்லுங்கள் அதை விடுத்து சும்மா வல வல பேச்சு வேண்டாம்
துணிக்கடை வைத்திருப்பவர்
Thank u madam