COMPOSITION LEVY SECTION 10 – Semantic Taxgen Pvt Ltd
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COMPOSITION LEVY SECTION 10

December 12, 2017

Author View :- 

Composition levy under GST is an scheme under which Registered person needs to pay a flat rate of Tax on their turnover which should be exceeded by 1 Crores in a year like :-

1. Traders-1% (.5% CGST, .5% SGST/UTGST).

2. Manufacturer -2% (1% CGST , 1% SGST/UTGST).

3. Restaurants (2.5% CGST , 2.5% SGST/UTGST)

but before taking the composition scheme person should satisfy all the following conditions :- 

1. Person who has the  turnover or likely turnover less than 1 crore could be adopt this scheme.

2. He is neither a casual taxable person nor a non-resident taxable person;

3. He is not engaged in the supplies of services other than supplies referred in to clause (b) of paragraph 6 of Schedule 2.

4. He is not engaged in the supplies of goods which are not leviable to tax under this act.

5. He is not engaged in making Inter state outward supplies of Goods.

6. He is not making any Supply of Goods through an electronic commerce Operator who is required to deduct tax under section 52.

7. Person registered under one Pan no. under more than one state and want to opted composition should take composition scheme in all states.

8. He shall pay tax under sub-section (3) or sub-section (4) of section 9 on inward supply of goods or services or both.

9. He was not engaged in the manufacture of goods as notified under clause (e) of sub-section (2) of section 10, during the preceding financial year.

10. He shall mention the words “composition taxable person, not eligible to collect tax on supplies” at the top of the bill of supply issued by him; and

11.  He shall mention the words “composition taxable person” on every notice or signboard displayed at a prominent place at his principal place of business and at every additional place or places of business.

after taking the registration in REG-01 in PART-B he should also file the various declarations :- 

(1) Any registered person who opts to pay tax under section 10 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified  prior to the commencement of the financial year for which the option to pay tax under the aforesaid section is exercised and shall furnish the statement in FORM GST ITC-03 in accordance with the provisions of sub-rule (4) of rule 44 within a period of sixty days (60 Days ) from the commencement of the relevant financial year.

Composition scheme will remain valid until the Person not filed GST CMP-04, after filing the same he need to issue tax invoice and could collect the tax as normal persons, however after filing the CMP-04 , assessee need to take the Certificate In form GST CMP-07 and also a statement in GST ITC-01.

 

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