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Composition levy scheme

Direct Taxation

If the person in fy is a composition levy scheme tax payer but in fy itself that persons turnover limit exceeds.... Then what are the after effects!!


07- Issac Jolly-XII C

07- Issac Jolly-XII C

CA Inter

8K+

19-Feb-24 09:01

92

Answers (4)

Best Answer

From the time when such a person exceeds the limit, he will be required to pay tax under normal tax rates and will raise Tax invoice instead of Bill of supply and Can claim ITC For such effects such a person needs to file respective forms


Manoj Raj

Manoj Raj

CA Final

12K+

19-Feb-24 09:14

What if trader under CLS giving another service of salon... In such scenario the limit of 10% should be taken on aggregate turnover Not on taxable turnover right?


Thread Starter

07- Issac Jolly-XII C

07- Issac Jolly-XII C

CA Inter

8K+

19-Feb-24 09:24

Once he exceeds the limit, he should pay normal tax rate and issue tax invoices. Further, he can claim ITC on the stock.


Shiva Teja

Shiva Teja

Faculty

19-Feb-24 15:52

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