⏰Time Span
0:00 Introduction to Composition Scheme
01:41 Sec 10(1) Composition Scheme for Manufacturer & Traders
02:44 Eligibility for Composition scheme in GST
03:15 Turnover Limit for Composition scheme in GST
06:22 Who is not Eligible for Composition scheme in GST
11:36 Conditions for Composition scheme in GST
14:22 Rate of Tax under composition levy
15:13 Concept of Marginal Supply of Service in Composition scheme
19:07 Sec 10 (2A) Composition scheme for Service Providers
19:41 Who is Eligible for Service Composition scheme
23:11 Rate of Tax under Service Composition scheme
24:20 When Composition Scheme in GST Expire
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📍In this Video we have discuss in detail about the composition levy under GST. Composition scheme in GST is introduce to provide benefit to small business from compliance structure of GST and to provide a simplified GST regime with certain limitation. Broadly in GST regime provide two composition schemes, one is through Sec 10(1) of CGST Act,2017 and other is through Sec 10(2A) of CGST Act (via NN 2/2019 dated 07.03.2019.)
📍Condition and Restriction of Composition levy in GST
👉Composite supplier cannot collect Tax
👉Composite Supplier is not eligible for getting Input Tax Credit
👉He is neither casual taxable person nor a Nonresident Taxable person
👉He shall mention words “composite taxable person, not eligible to collect tax on supplies” on the top of bill of supply.
👉He shall mention the words composite taxable person on every notice and signboard
📍Composition GST Rate-
Manufacturers & Traders - 1% (0.5% CGST and 0.5% SGST/UTGST)
Restaurant Services - 5% (5% CGST and 5% SGST/UTGST)
Services other than restaurant - 6% (3% CGST and 3% SGST/UTGST)
📍Concept of Marginal supply of Services
Fundamentally Composition Levy under section 10 can be avail by supplier of goods only and only one service namely restaurant. However, there are certain cases where manufacturer/trader also engage in supply of service other than restaurant. Keeping in view the above situation government introduce second proviso to section 10(1) which allow the supplier of goods to supply service upto a certain limit. The limits are prescribed as follows-
• 10% of turnover in preceding year,
OR
• 5 Lakh,
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#CompositionLevy #CompositionforServices #GSTcomposition
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