Composition Scheme under GST

    Posted By : Pratik / Published on : 08-Nov-2017 12:54 PM / View : 392 / Comment : 2
    Print button
    I am running a Proprietorship Firm, is it beneficial for me to go for Compositions Scheme?
    Read more on : under scheme composition

    • The composition scheme is only available to GST registrants operating within a single state. Therefore, let’s say you have a turnover of Rs. 40 lakh, and are currently paying taxes at a subsidised rate. You then move on to make an interstate sale of Rs. 1,000. As per law, as soon as you make the interstate sale, the composition benefits cease to exist and you are now liable to the standard tax rate.

      09-11-2017 / 07:17:19 AM
      Reply
    • Advantage of Composation Scheme:

      - Quertly return to be filed

      - Tax to be deposited a fixed percentage to turnover.

      - No need to raise tax invoice

      - Free from other compliance burden etc.

      Disadvantage:

      - You have to bear tax amount from your own pocket.

      - You can't avail ITC

      - You may face diffculties in case of B2B transcation 

      Decide according to your business profile. As you have not mentioned your business activities, Direct openion can't be made whether to opt or not without knowing the fact.

      09-11-2017 / 02:11:00 PM
      Reply



Other Queries from Pratik
What's New on
Like us on Facebook
Follow Us on Twitter
Latest ArticlesSubmit Article

We are always here to help you. Don’t hesitate to contact us anytime!

011-42345111 or ask@compliancecalendar.in