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Who will come under composition scheme?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hi I am preparing for CA exam. I want to know, Who will come under composition scheme?

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Rs.10 lakh will come under composition scheme, provided - he is not a manufacturer - he neither purchases or receives goods from outside the State nor sells goods to outside the State and - ordinarily effects sales to consumers

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Rs.10 lakh will come under composition scheme, provided - he is not a manufacturer - he neither purchases or receives goods from outside the State nor sells goods to outside the State and - ordinarily effects sales to consumers A dealer under composition will pay tax at a low flat rate on his taxable turnover and he will not avail input tax credit.

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Open uri20170510 32134 1c996lj?1494421732 answered

Upto Rs. 5 lakhs (or Rs.10 lakhs) 1.Exemption from Registration (Optional) 2.Exemption from payment of VAT 3.No ITC available > 5 lakhs < 50 lakhs 1.Option to opt for Composition scheme 2.Tax payable = Gross/Taxable turnover x Small % of tax [Normally 4% or lower. The Empowered committee has permitted the States to reduce the rate of composition tax to as low as 0.25%. Different types of composition scheme can be notified for different classes of retailers] 1.Eligibility requirements: 2.Dealer is a “Registered dealer“ 3.He is liable to pay tax under the respective State VAT Acts His turnover does not exceed Rs.50 lakhs in the last financial year 1.All his purchases and sales are within the state 1.If the above conditions are satisfied, “Registered dealer is entitled to avail this scheme by exercising the option in writing for a year or a part of the year in which he gets himself registered”. Intimation to the department would be required. 1.Conditions for the Composition Scheme: Dealer should not 1.Have any stock of goods which were brought from outside the State on the day he exercise his option and 2.Use any goods brought from outside the State after such date 3.Claim ITC on the inventory available on the date on which he opts for composition scheme. Any existing balance in credit shall be reversed. 1.Not Eligible for Composition Scheme: A manufacturer/dealer who make intrastate sale/purchase A dealer who sells goods in the course of import/export A dealer transferring goods outside state (otherwise than for sale) or for execution of works contract Dealer desirous of issuing VAT-able invoice 1.Advantages of Composition Scheme 2.A small tax will be payable (normally 4% or lower) 3.Saves lot of labour and effort in keeping records Simplifies calculation of tax liability of a dealer. 1.Simple return form to cover longer return of period 1.Disadvantages of Composition Scheme 2.No ITC available 3.Cannot issue tax invoice in order to pass on tax credit Dealers desirous of availing ITC may not prefer to buy from composition dealers

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear, your query is that Who will come under composition scheme? answer of your query is that Composition scheme is for the small dealers/retailers. A dealer having gross annual turnover within Rs.10 lakh will come under composition scheme, provided - he is not a manufacturer - he neither purchases or receives goods from outside the State nor sells goods to outside the State and - ordinarily effects sales to consumers A dealer under composition will pay tax at a low flat rate on his taxable turnover and he will not avail input tax credit. If a dealer under composition scheme wants, he can become a VAT dealer on application, pay VAT and avail input tax credit. Small contractors can opt to be under the composition scheme. They will pay VAT at a low rate to be prescribed and will not avail input tax credit. Thanks & Regards,

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