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COMPOSITE DEALER

Businesses with annual turnover up to Rs 1.5 crore can opt for composition scheme.

Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme.

Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for composition scheme. The threshold limit for opting into composition scheme is Rs. 1.5 crores.

All types of company can avail the Composite Scheme under GST.

The Conditions for availing Composition Scheme

The following conditions must be satisfied in order to opt for composition scheme:

  • 1. No Input Tax Credit can be claimed by a dealer opting for composition scheme
  • 2. The taxpayer cannot make any inter-state supply of goods.
  • 3. The dealer cannot supply GST exempted goods
  • 4. Taxpayer has to pay tax at normal rates for transactions under Reverse Charge Mechanism
  • 5. 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.
  • 6.The taxpayer has to mention the words ‘composition taxable person’ on every notice or signboard displayed prominently at their place of business.
  • 7.The taxpayer has to mention the words ‘composition taxable person’ on every bill of supply issued by him.
  • 8. Those supplying goods can provide services of upto Rs. 5 lakh,

    Advantages of Composition Scheme

    • Lesser compliance (returns, maintaining books of record, issuance of invoices)
    • Limited tax liability
    • High liquidity as taxes are at a lower rate

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