What are the restrictions and conditions that a person must meet to be able to take advantage of composition levy?

What is the important date of composition Ivey ?

If a person is registered in more than one state? Is it possible to pay tax under composition only in one state but not in another?

What is the format in which a taxable person must give an indication for the option to pay tax under the composition scheme?

The composition scheme allows a person to opt for tax payment from unregistered persons. Is the composition dealer required to pay reverse tax? If yes, how?

What are the essential details enter in the form GSTR-4?

Is it required that monthly returns be filed by the person who chooses to pay tax under the composition plan?

A registered person who buys goods from a trader subject to the composition scheme can claim credit for purchases made by dealer ?

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?

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What are the restrictions and conditions that a person must meet to be able to take advantage of composition levy?

A person who chooses to pay tax under the composition scheme must comply with these conditions : (a) He should not be a casual tax payer nor a nonresident taxable individual; (b) The goods in his stock on 22 June …

What is the important date of composition Ivey ?

Circumstances composition Ivey Date Persons granted provisional registration who decide to pay composition levy. (Intimation is filed in accordance with Rule 3(1) in Form GSTCMP-01 Date of appointment which is - 22/06/2017 When making a new registration application in the …

If a person is registered in more than one state? Is it possible to pay tax under composition only in one state but not in another?

No. No. It is not possible under sub-rule CGST rules ,2017.

What is the format in which a taxable person must give an indication for the option to pay tax under the composition scheme?

The migrated traders must electronically transmit the intimation in Form GSTCMP-01. If a person has already been registered and is interested in payment under the composition levy, they must electronically give notification in Form GST CMP-01. A person filing a …

The composition scheme allows a person to opt for tax payment from unregistered persons. Is the composition dealer required to pay reverse tax? If yes, how?

Yes. Yes. Tax can be paid within the 18th day following the quarter in which the supplies were received. The composition dealer should provide the information necessary to prove such supplies in Table 4 of Form STR 4. The composition …

What are the essential details enter in the form GSTR-4?

It should include details of turnover in the state or Union territory, inward supplies goods or services, or both, and tax payable on a reverse charge basis for purchases made from non-registered persons.

Is it required that monthly returns be filed by the person who chooses to pay tax under the composition plan?

No. These individuals must file simplified quarterly returns in Form STR-4. GSTR-4 must be electronically filed on the GSTN common portal no later than the 18th of each month following the quarter in which it relates to supplies.

A registered person who buys goods from a trader subject to the composition scheme can claim credit for purchases made by dealer ?

No. No. A trader who chooses to pay tax under the composition system is not allowed to be in the credit chain. He cannot take credit for his input supplies nor issue a taxable invoice to his customer. He must …

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. …

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