Is it possible for a person who has chosen to pay tax under the composition system to receive Input Tax Credit on his inward supplies?

How is the aggregate turnover calculated for composition purposes?

If a person avails a composition scheme in a financial year, the turnover is Rs.75 Lakhs/Rs. 50 Lakhs in the course of the financial year, i.e. He crosses Rs.75 Lakhs/Rs. 50 Lakhs in December will he eligible tax under the composition scheme for the year?

What tax will a trader be required to pay?

Who are the traders not eligible for the composition scheme?

What is the tax rate under the Composition levy ?

Which is the eligible category to opt for composition levy What are the Special Category States where the turnover limit for the Composition Levy purpose for CGST or SGST purposes shall be Rs. 50 lakhs

Is there a way to pay GST taxes for small traders?

Can traders claim the credit for IGST paid at imports to discharge their GST domestic liabilities? How can you do this if yes?

. Under GST, will traders be required to declare their IEC at the time of imports and exports?

What are the details that need to enter in the form GSTR -1 ?

Is it mandatory to file monthly returns if a trader does not choose to pay tax under the composition system?

Are all traders need to register under GST ?

How GST is beneficial for traders ?

Migratory FAQs

What is the process to change the company's controlling interest of asset management ?

What is the timing for SEBI's observations on SID ?

In the limit of expense is service tax included ?

What are the restrictions on the fees that can pay for the scheme ?

How much fee payable by a MF / AMC ?

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Is it possible for a person who has chosen to pay tax under the composition system to receive Input Tax Credit on his inward supplies?

No. No. A person who is a taxable individual and chooses to pay tax under the composition system is not included in the credit chain. He can't take credit for his input supplies.

How is the aggregate turnover calculated for composition purposes?

It will be calculated on the all India turnover basis. "Aggregate Turnover" refers to the total value of all taxable supplies (excluding the value of inward supplies which are subject to tax by the composition dealer under reverse charge basis), …

If a person avails a composition scheme in a financial year, the turnover is Rs.75 Lakhs/Rs. 50 Lakhs in the course of the financial year, i.e. He crosses Rs.75 Lakhs/Rs. 50 Lakhs in December will he eligible tax under the composition scheme for the year?

No. No. 75 Lakhs/50 Lakhs. Within seven days after the event, the intimation to withdraw from the scheme must be filed in FORM GST ITC-04. Any person who has provided such an intimation may electronically submit at the common portal …

What tax will a trader be required to pay?

If a trader is registered under GST, they will be required to pay tax monthly on or before the 20th of each month. If a person has chosen to pay composition levy, they will be required to pay tax quarterly …

Who are the traders not eligible for the composition scheme?

The following persons are not allowed to choose the composition scheme: a. A supplier of services (except restaurants); b. A person who makes any supply of goods that is not subject to tax under this Act; or c. A supplier …

What is the tax rate under the Composition levy ?

The rate which is applicable to traders is 1% (0.5% CGT plus 0.5% SGSST) of the state's turnover under composition Ievy.

Which is the eligible category to opt for composition levy What are the Special Category States where the turnover limit for the Composition Levy purpose for CGST or SGST purposes shall be Rs. 50 lakhs

The Composition scheme is a scheme that pays GST to small taxpayers whose total turnover for the previous financial year was not more than Rs.75 Lakhs. The limit on the turnover in the following 9 states is Rs.50 Lakhs for …

Is there a way to pay GST taxes for small traders?

Yes. The composition levy is an alternative tax method that is available to small taxpayers with a turnover of less than Rs. 75 lakhs (Rs. 50 lakhs for special categories States The main objective of the scheme is to simplify …

Can traders claim the credit for IGST paid at imports to discharge their GST domestic liabilities? How can you do this if yes?

Yes. GST will allow traders to be treated the same as manufacturers. IGST that was paid at the time you import goods will be creditable and can be used to pay taxes for further supplies. GSTIN will be used to …

. Under GST, will traders be required to declare their IEC at the time of imports and exports?

Both GSTIN and IEC must be declared at the moment. However, traders will eventually be able to declare their GSTIN only and not their IEC when they import or export.

What are the details that need to enter in the form GSTR -1 ?

The nature of the supplies will determine the details that must be included in the return of outward supply Form GSTR-1. These provisions are: i. intra-State supplies (B2C suppliers) - tax rate wise summary; and ii. inter-State supply to consumers …

Is it mandatory to file monthly returns if a trader does not choose to pay tax under the composition system?

Traders who do not choose to pay tax under the composition scheme must file monthly returns. For outward supplies made by trader in the month being returned, Form GSTR-1 must be completed by the 10th day of the following month. …

Are all traders need to register under GST ?

An exempted trader or a trader whose turnover is less than Rs.20 Lakhs per financial year (but not engaging in inter-State supply) is not required by GST to register.

How GST is beneficial for traders ?

A trader could be eligible for input tax credit under GST. This would allow them to pay tax on domestic purchases of goods and services, which is not possible under the current indirect tax system. A significant amount of indirect …

Migratory FAQs

The GST common portal is scheduled to reopen on 25 June 2017 for migration. The assessment process must be completed before 30 September 2017. DG Systems continues to compile the provisional Id and send them to GSTN. GSTN will then …

What is the process to change the company's controlling interest of asset management ?

A. Requirement for Regulations. Rule 22 (e) of SEBI's (Mutual Funds Regulations, 1996, there can be no change in the controlling interest of an asset management company unless 1. The trustees and Board have given their approval (i.e. 1. SEBI …

What is the timing for SEBI's observations on SID ?

The scheme must be launched within six month of the SEBI's final observations. If the AMC plans to launch the scheme later than six months after the issuance of final observations from SEBI, it will file the SID with the …

In the limit of expense is service tax included ?

A. AMCs can charge Service Tax to the scheme according to applicable tax laws. However, the Regulations limit the amount of Service Tax that they may charge. B.MFs/AMCs can charge for service taxes on investment and advisory fees for the …

What are the restrictions on the fees that can pay for the scheme ?

A. A. B. B. The AMC, trustee or sponsors will pay for any expense not listed above. C. All expenses of a scheme, including any redemption or issue expenses, shall be borne by the AMC or trustee. The daily net …

How much fee payable by a MF / AMC ?

An annual fee shall be paid by mutual funds before the 15th of April for each financial year beginning after the year following registration. Annual Fee AAUM up INR 10,000 crore 0.0015% AAUM part of AAUM over INR 10, 000 …

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