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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

CA Inter

★ 8K+

19-Feb-24 09:01

122

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

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

CA Inter

★ 8K+

19-Feb-24 09:24

Thread Starter

07- Issac Jolly-XII C

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?

Yes but for such other services tax has to be paid on Taxable turnover

Manoj Raj

CA Final

★ 12K+

19-Feb-24 11:19

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

Faculty

19-Feb-24 15:52

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