IndigoLearn

Forums

Composition scheme

If a person registered under CS the supplies must issue bill of supply and need to pay tax from his pocket. If the cs supplier issues bill of supply registered person can get ITC


Krishna kumar

Krishna kumar

CA Inter

5K+

29-Mar-21 18:10

40

Answers (19)

Composition scheme person issue invoice cum bill of supply


Krishna kumar

Krishna kumar

CA Inter

5K+

29-Mar-21 18:12

No cs doesn't collect tax from recipient No tax paid no itc clsim


Aswini Gorige

Aswini Gorige

CA Inter

4K+

29-Mar-21 19:26

Claim*


Aswini Gorige

Aswini Gorige

CA Inter

4K+

29-Mar-21 19:26

Repeat once again,answer this too if a registered person (not registered under composition scheme) may issue invoice cum bill of supply? If a composition scheme registered person must issue bill of supply only whether the goods is taxable or exempted


Krishna kumar

Krishna kumar

CA Inter

5K+

29-Mar-21 19:31

No cs doesn't collect tax from recipient No tax paid no itc clsim

You mean recipient of composition supplier can't claim ITC, CORRECT?


Krishna kumar

Krishna kumar

CA Inter

5K+

29-Mar-21 19:37

CS will issue bill of supply not invoice


Gauri Shete

Gauri Shete

CA Inter

1K+

29-Mar-21 19:38

CS will issue bill of supply not invoice

MY ABOUT STATEMENT IS RIGHT?


Krishna kumar

Krishna kumar

CA Inter

5K+

29-Mar-21 19:40

Cs (if reg under cs) doesn't issue invoice Cs only issue bill of supply


Aswini Gorige

Aswini Gorige

CA Inter

4K+

29-Mar-21 19:41

Reg person not reg under cs does issue invoice only


Aswini Gorige

Aswini Gorige

CA Inter

4K+

29-Mar-21 19:42

MY ABOUT STATEMENT IS RIGHT?

Basically invoice means tax invoice so how can CS in issue tax invoice ..as he doesn't charge any tax from the customer


Gauri Shete

Gauri Shete

CA Inter

1K+

29-Mar-21 19:44

Cs can't issue invoice he is ineligible for issue of invoice Cs only issues bill of supply only


Aswini Gorige

Aswini Gorige

CA Inter

4K+

29-Mar-21 19:48

CS will issue bill of supply not invoice

S


Aswini Gorige

Aswini Gorige

CA Inter

4K+

29-Mar-21 19:50

You mean recipient of composition supplier can't claim ITC, CORRECT?

Correct refer icai module


Aswini Gorige

Aswini Gorige

CA Inter

4K+

29-Mar-21 19:51

THANKS TO BOTH OF Uð???


Krishna kumar

Krishna kumar

CA Inter

5K+

29-Mar-21 20:00

You mean recipient of composition supplier can't claim ITC, CORRECT?

No, a Composition Dealer is not allowed to avail input tax credit of GST on purchases. A Composition Dealer has to issue Bill of Supply. They cannot issue a tax invoice. This is because the tax has to be paid by the dealer out of pocket. A Composition Dealer is not allowed to recover the GST from the customers.


sudha reddy

sudha reddy

Moderator

30-Mar-21 10:20

But mam in practical the composition dealer will send at MRP so anyways is going to recover gst from the customer....am I Right?

In case of composition registered person, it does not matter at what price he is selling. He Should pay GST from his pocket on the price what he sold.


Shiva Teja

Shiva Teja

Faculty

30-Mar-21 12:04

But mam in practical the composition dealer will send at MRP so anyways is going to recover gst from the customer....am I Right?

You're right that a Composition dealer cannot charge GST on its bill of supply but there is no restriction in supplying goods at any price upto MRP for such dealers. In case of Composition Levy, since no GST is directly taken from customer, it does not mean that the tax component which would have otherwise been included in MRP is now to be excluded while selling products on composition levy. At whatever price composition dealer sells, on that the dealer will pay GST


sudha reddy

sudha reddy

Moderator

30-Mar-21 12:27

Byte Size Modules
IL Pass percentages
Quote
Tally Free
Hiring
Refer
EMI
Lazypay
Past_Exams