Composition Scheme in GST Rates

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..... Composition Scheme in GST Rates
Query (Issue) Started By: - Kishan Barai Dated:- 9-7-2017 Last Reply Date:- 10-7-2017 Goods and Services Tax - GST
Got 2 Replies
GST
what is 1%, 2% & 5% at .....

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..... what stage supplier have to pay in composition Scheme & what entry has to made & where ?? Please explain all 3 above rates on composition Scheme. Thank You Reply By KASTURI SETHI: The Reply: 1% is .....

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..... for dealers/retailers, 2% for manufacturers and 5% for those dealers and manufacturers who have more than one business. It is called composite supply. Only Restaurant Service is eligible for composite .....

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..... supply. The person who opts for Composition Scheme will mention the remarks, " Working under Composition Scheme" on the invoices and also display on the signboard as "Composition Schem .....

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..... e". That person cannot charge 1%, 2% 5% (whatever applicable) from the customer. He will file quarterly return. This scheme allows relaxation regarding maintenance of records of accounts. The sup .....

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..... plier will pay the amount after three months on the basis of his sale. No ITC is allowed. Reply By Kishan Barai: The Reply: Thank You Very Much Sir
Discussion Forum - Knowledge Sharing .....

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