kollipara sundaraiah asked 12 months ago
A Registered composite scheme dealer annual return gstr-4 filed year :2022-23
Sales of goods turnover report in annual return gstr-4 rs:70 lacs year:2020-21
sales of goods turnover report in annual return gstr-4 rs:85 lacs year :2021-22
Sales of goods turnover report in annual return gstr-4 rs:65 lacs year :2022-23
dealer f.y 2022-23 sale turnover decreased report in gstr-4
doubt:
Dealer sale turnover report annual return gstr-4 every year increased compulsory any provision applicable in gst act.
1 Answers
Manish answered 12 months ago
There is no such compulsion regarding the increase in turnover. Please note that actual turnover whatever it is…less or high…needs to be reported.
Further please note that –
- A person making inter-state supplies cannot opt for the Composition scheme.
- Further Manufacturers of ice cream, pan masala, or tobacco are also not allowed to opt for the Composition scheme.
- Further, a non-resident or casual taxable person is also not allowed to opt for the composition scheme.
- The turnover limit for opting for the composition scheme is increased to 1.5 crores from 1 crore.
- No Input Tax Credit can be claimed by a dealer opting for a composition scheme
- The dealer cannot supply goods not taxable under GST such as alcohol.
- The taxpayer has to pay tax at normal rates for transactions under the Reverse Charge Mechanism.
- If a taxable person has different segments of businesses (such as textile, electronic accessories, groceries, etc.) under the same PAN, they must register all such businesses under the scheme collectively or opt out of the scheme.
- The taxpayer has to mention the words ‘composition taxable person’ on every bill of supply issued by him.
- Rate applicable in the composition scheme are (a) 1% (0.5 CGST & 0.5% SGST) for manufacturer & trader. (b) 5% (2.5% CGST & 2.5% SGST) for restaurants (c) 6% (3% CGST & 3% SGST) for other service providers.
Your Answer