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TMI BlogComposition Scheme For Retail Traders Under GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... Composition Scheme For Retail Traders Under GST - By: - sunil kumar Gupta - Goods and Services Tax - GST - Dated:- 1-7-2017 - - Comparision of Normal Dealer Composition Dealer Under GST NORMAL REGISTERED DEALER 5% 12% 18% 28% C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OLLECTED FROM CUTOMER 1,00,000.00 1,00,000.00 1,00,000.00 1,00,000.00 GST 4,761.90 10,714.29 15,254.24 21,875.00 (A) SELLING PRICE 95,238.10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 89,285.71 84,745.76 78,125.00 (B) PURCHASE PRICE 70,000.00 70,000.00 70,000.00 70,000.00 GST PAID ON PURCHASE 3,500. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 8,400.00 12,600.00 19,600.00 NET AMOUNT PAID 73,500.00 78,400.00 82,600.00 89,600.00 (A-B) NET INCOME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 25,238.10 19,285.71 14,745.76 8,125.00 COMPOSITION DEALER 5% 12% 18% 28% COLLECTED FROM CUTOMER 1,00,000.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,00,000.00 1,00,000.00 1,00,000.00 GST@1% (to be borne by seller) 990.10 990.10 990.10 990.10 (A) NET RECIEVED 99,009.90 99,009.90 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 99,009.90 99,009.90 PURCHASE PRICE 70,000.00 70,000.00 70,000.00 70,000.00 GST PAID ON PURCHASE 3,500.00 8,400.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12,600.00 19,600.00 (B) NET AMOUNT PAID 73,500.00 78,400.00 82,600.00 89,600.00 (A-B) NET INCOME 25,509.90 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20,609.90 16,409.90 9,409.90 Difference in Income (benefit to composition dealer) 271.81 1,324.19 1,664.14 1,284.90 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Notes 1 Composition also requires quarterly returns in GSTR-4 to be filed and one annual return in GSTR-9A. GSTR-4 is to be filed upto 18th of the month following the qaurter.GSTR-9 is to be filed upto 31st December of next financial year. 2 Cash sales of upto ₹ 200 can be clubbed together as one on daily basis. However bill should be raised where the cutomer so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... demands 3 Traders are to pay tax @0.5% CGST, 0.5% SGST . 4 Purchase from unregistered dealers can be made upto ₹ 5000/- per day in aggregate without any liability to be registered. 5 A dealer registered under composition scheme is not required to maintain detailed records as in the case of a normal taxpayer. 6 A Composition Dealer is not allowed to avail input tax credit of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST paid to their supplier. 7 Since a Composition Dealer is not allowed to avail input tax credit, such a dealer cannot issue a tax invoice as well. A buyer from composition dealer will not be able to claim input tax on such goods. 8 A Composition Dealer is not allowed to collect composition tax from the buyer. 9 Any dealer whose aggregate turnover in a financial year does not exceed & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 75 Lakh can opt for composition scheme. 10 Composition Scheme is available only for intra-state supplies. If a dealer is involved in inter-State supplies, then he cannot opt for the scheme. 11 No HSN Codes are required to be mentioned on the Invoices. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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