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Composition scheme under GST

Goods and Services Tax - GST - By: - CA Venkata prasad Pasupuleti - Dated:- 17-9-2016 - GST is intend to cover larger number of people under its net and further keeping threshold exemption limit of 10Lakhs many people would come under GST net. Small tax payers may not have sufficient infrastructure, knowledge, awareness etc., in complying with various provisions of law including accounting, IT/ERP availability, and huge paper work. Because of this, every tax law provides alternative simplified s .....

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this condition of officer permission is not there. Such permission will be granted only to the registered person and not to unregistered person. Because of this, registration is pre-condition to avail the scheme. The threshold limit for eligibility of this scheme is ₹ 50 Lakhs. Here again clarity is missing in the section whether said turnover limit is referring to previous/preceding year which is similar to existing indirect tax laws or it refers to expected turnover in the current finan .....

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ST rate. However this would be clear only when SGST law is out or any clarification in this regard. Tax rate shall be applied on turnover. Section simply refers turnover and not to the taxable turnover because of this, GST may have to be paid under this scheme even on non-taxable supplies. This lapse may be unintended and can expect replacement with taxable turnover . Sometimes it may happen that total turnover is ₹ 40Lakhs, out of which majority turnover is exports or exempted but there w .....

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avail this scheme. As result, person opted for composition scheme shall not make any sales/render services to outside the state and simultaneously shall not procure goods/services from outside the state. The scheme is PAN based i.e. all the units having same PAN shall assess under this scheme that is if any one of the units wishes to assess under regular scheme not under this scheme then all other units of person are ineligible for composition scheme. Person assessing under this scheme shall no .....

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