GST- Composition Scheme — reg

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..... compliance cost for the small taxpayers. It is an optional scheme, instead of paying tax at normal rate. The composition scheme minimizes the burden of compliance and saved from the maintenance of elaborate records and filing of detailed returns. There is no restriction on procuring goods from inter-state suppliers by persons opting for the composition scheme. The conditions prescribed for opting composition scheme are; i) The aggregate turnover in the preceding Financial Year shall not exceed ₹ 75 Lakhs. ii) Supply of goods alone can be opted for composition scheme. iii) Supply of services excluding restaurant sector, are not eligible for opting the scheme. iv) A person opting composition shall pay normal tax for inward supply .....

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..... om composition dealer is not eligible to claim input tax on such goods. Specimen of Bill of Supply is given below: COMPOSITION TAXABLE PERSON, NOT ELIGIBLE TO COLLECT TAX ON SUPPLIES BILL OF SUPPLY (Sec.31 Rule 49) NAME OF THE SHOP ADDRESS GSTIN………………………………. Bill No. STATE CODE: 32 DATE Receiver's Narne Address GSTIN/UID Place of supply STATE CODE: 32 S.No. Particulars Quantity Rate Total Discount Net value Total Other charges Grand Total E & OE Total invoice amount in words: Rupees………………………………………………&hel .....

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..... y file Form GST CMP-03 within 60 days specifying the details of stock including inward supply of goods received from unregistered persons. ii) Any person taking new GST registration after July, 2017, shall furnish option for composition along with registration application in Part B of Form GST REG-01. iii) A registered person who opts the scheme to subsequent period shall file Form No. GST CMP-02 electronically prior to the commencement of the Financial Year. Such persons shall electronically file Form GST ITC-03 for reversal of ITC within 60 days. iv) Once composition is opted no intimation is required in every year. The composition option continues as long as all the conditions are satisfied. v) The eligibility to avail composition sc .....

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