https://www.taxtmi.com/article/detailed?id=7122 Comparison of the Composition Scheme under UP VAT and Model GST shows the Model GST narrows eligibility with turnover limits and exclusions, denies input tax credit so taxes on purchases become part of cost, prohibits issuing tax invoices under composition, prescribes floor rates to be notified, provides recovery and penalty powers for improper opt ins, and sets transitional rules requiring payment of ITC on stock when switching into composition and allowing booked ITC when moving out, with commentators noting likely price effects in real estate. en-us Wed, 14 Dec 2016 08:46:24 +0530 Wed, 14 Dec 2016 08:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7122 Comparison of the Composition Scheme under UP VAT and Model GST shows the Model GST narrows eligibility with turnover limits and exclusions, denies input tax credit so taxes on purchases become part of cost, prohibits issuing tax invoices under composition, prescribes floor rates to be notified, provides recovery and penalty powers for improper opt ins, and sets transitional rules requiring payment of ITC on stock when switching into composition and allowing booked ITC when moving out, with commentators noting likely price effects in real estate. Articles Goods and Services Tax - GST Wed, 14 Dec 2016 08:46:24 +0530 https://www.taxtmi.com/article/detailed?id=7122