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Which services are eligible for composition scheme?

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Which services are eligible for composition scheme?

Conditions to be fulfilled to be eligible under the scheme The supplier of service must have a turnover of less than Rs. 50 lakh in the previous financial year. The supplier should not be supplying non-taxable goods. The supplier should not be engaged in making inter-state supplies.

What are the conditions to avail GST composition scheme?

A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh. As per the CGST (Amendment) Act, 2018, a composition dealer can also supply services to an extent of ten percent of turnover, or Rs.

Can a registered person under composition scheme claim ITC?

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Ans. Taxable person registered under the composition scheme can’t avail any input tax credit as he is not entitled for any tax credit under the scheme.

Is software a service or goods?

Computer software supplies This is because the software is a mass produced item that is freely available to all customers. In effect, boxed sales of personal and home computer software, game packages, etc are all classed as a supply of goods.

Can service provider opt composition scheme under GST?

Eligible Service Provider The registered taxpayers rendering services or supplying goods and services both can opt for composition scheme under GST from 1st April 2019 having an aggregate turnover up to Rs. 50 Lakhs in the preceding year.

How do I register a composition scheme under GST?

To opt for the Composition Levy, perform the following steps on the GST portal:

  1. Log in to the Taxpayers’ Interface.
  2. Go to Services > Registration > Application to Opt for Composition Levy.
  3. Fill the form as per the form specification rules and submit.
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Can we convert composition scheme to regular in GST?

For individuals who registered as Regular Dealers under GST and switching to GST Composition Scheme. Also, it is essential to file GST TRAN-1 before Form GST ITC-03 is furnished. Alternatively, in case a dealer wants to move from composition to regular, he needs to: File an intimation in Form GST CMP-04.