entities under a single Permanent Account Important points to note for Composite Number opt for such scheme. Dealer: Compliance Requirements under The person registered under composition Composition Scheme: scheme is neither permitted to collect any tax from the recipient of supplies made by him The persons paying tax under composition nor can he avail any credit of input tax scheme are required to:- paid. Pay tax on quarterly basis ; The option availed by a registered person shall File quarterly returns in Form GSTR-4 lapse with effect from the day on which his by the 18th of the month following the aggregate turnover during a financial year end of the quarter, instead of any statement of outward or inward supplies. exceeds fifty lakh rupees. The proper officer may cancel the The option exercised by registered person to registration where the said person has pay tax under composition scheme shall not furnished returns for three remain valid so long as he satisfies all the consecutive tax periods. conditions. Registered person can withdraw from composition scheme at his option by filing an application. *****
entities under a single Permanent Account Number opt for such scheme. Compliance Requirements under Composition Scheme: The persons paying tax under composition scheme are required to:- Pay tax on quarterly basis ; File quarterly returns in Form GSTR-4 by the 18th of the month following the end of the quarter, instead of any statement of outward or inward supplies. The proper officer may cancel the registration where the said person has not furnished returns for three consecutive tax periods. Important points to note for Composite Dealer: The person registered under composition scheme is neither permitted to collect any tax from the recipient of supplies made by him nor can he avail any credit of input tax paid. The option availed by a registered person shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds fifty lakh rupees. The option exercised by registered person to pay tax under composition scheme shall remain valid so long as he satisfies all the conditions. Registered person can withdraw from composition scheme at his option by filing an application. *****
1.%20GST%20Article%20-Gagan%20Kedia%20-%20RCM,%20COMP,%20EXMP%20-%20@%20ICAI.docx