GST- Composition Scheme — reg

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....jective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. It is an optional scheme, instead of paying tax at normal rate. The composition scheme minimizes the burden of compliance and saved from the maintenance of elaborate records and filing of detailed returns. There is no restriction on procuring goods from inter-state suppliers by persons opting for the composition scheme. The conditions prescribed for opting composition scheme are; i) The aggregate turnover in the preceding Financial Year shall not exceed Rs. 75 Lakhs. ii) Supply of goods alone can be opted for composition scheme. iii) Supply of services excluding restaurant sector, are not eligible for opting the scheme....

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....word 'Composition taxable person, not eligible to collect tax on supplies'. A buyer from composition dealer is not eligible to claim input tax on such goods. Specimen of Bill of Supply is given below: COMPOSITION TAXABLE PERSON, NOT ELIGIBLE TO COLLECT TAX ON SUPPLIES BILL OF SUPPLY (Sec.31 Rule 49) NAME OF THE SHOP ADDRESS GSTIN..................................... Bill No. STATE CODE: 32 DATE   Receiver's Narne Address GSTIN/UID Place of supply STATE CODE: 32   S.No. Particulars Quantity Rate Total Discount Net value                           &....

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....r edible ice, whether or not containing cocoa) ii) Pan Masala. iii) Tobacco and manufactured tobacco substitutes. 1% 1% Restaurant Services (Excluding supply of liquor) 2.50% 2.50% Any other supply 0.50% 0.50% Intimation for composition: i) As per Rule 4 of CST Rules, a taxable person migrated from pre-GST period con file option for composition scheme electronically in Form No. GST CMP-01 before 16th August, 2017. Such persons shall electronically file Form GST CMP-03 within 60 days specifying the details of stock including inward supply of goods received from unregistered  persons. ii) Any person taking new GST registration after July, 2017, shall furnish option for composition along with registr....