genral goods business

[Asked by Guest]

Dear Sir / Madam,

I am doing a busines of genral goods and registered business my yearly Turnover is 75 lakhs . Can i buy or sell goods from other state ex.Hyd to Mum.

[prakash kumar]

Since your annual turnover is less than 75 lacs, so you are eligible to adopt Composite Scheme.

But here is one issue, if you are also dealing in inter-state trade, than you can not opt for composite scheme.

[Mr Rao]

Dear querist,

I endorse the views of expert.

AI Summary

Composite scheme eligibility denied for taxpayers engaged in inter-state goods trade; inter-state dealings preclude composite scheme option.
A registered general goods dealer at the stated turnover level may qualify for the Composite Scheme, but if the dealer engages in inter-state trade they cannot opt for the Composite Scheme; inter-state dealings therefore disqualify adoption of the Composite Scheme despite meeting the turnover criterion.