Composition Scheme in GST Rates

[Kishan Barai]

what is 1%, 2% & 5% at 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

AI Summary

GST Composition Scheme: 1% for Retailers, 2% for Manufacturers, 5% for Multi-Businesses; No Input Tax Credit Allowed. In a discussion about the Goods and Services Tax (GST) Composition Scheme, a user inquired about the applicable rates of 1%, 2%, and 5% for suppliers. A respondent clarified that 1% applies to dealers/retailers, 2% to manufacturers, and 5% to those with multiple businesses, specifically for composite supply, including restaurant services. Suppliers using the scheme must indicate their participation on invoices and signage, cannot charge these rates to customers, and must file quarterly returns. The scheme simplifies record-keeping but disallows Input Tax Credit (ITC). Suppliers pay the tax based on sales every three months.