NEW Composition SCHEME under NEW MODEL GST LAW

 1. This Scheme is Applicable to registered taxable person, whose aggregate turnover in the *Preceding financial year* did not exceed 50 Lakh Rupees

2. Rate of Tax will be *Not Less than* 2.5% for Manufacturers & 1% in other Case

3. This Scheme is Not Applicable for: (a) Supplier of services (b) Supply of Goods outside the state (c) Supply of goods through an electronic commerce operator who is required to collect tax at source (d) Manufacturer of such goods as may be notified

4. This Scheme shall stand withdrawn from the day on which his aggregate turnover during a financial year exceeds 50 Lakh rupees.

5. If it is detected that person was not eligible for composition and He acts as Composition Dealer then penalty equal to tax payable may b levied.

6. Person cannot opt for both composition and regular. Say a person having PAN has three business regd then he wil hb to opt for composition in respect of all businesses.

7. Composition dealer not to collect any tax and shall NOT be entitled to take ITC.

8.  Composition dealer will have to file *four quartely* and *one annual return* 

REGARDS

SOURAV BAGARIA