Cost analysis for small traders under composition levy scheme and normal tax levy

Whether to go for composition levy or normal levy is the main question asked by small clients. I got a call from a client who deals in materials falling under tax rate of 28%, his question was whether he should opt for composition levy or normal levy. He presented following numbers to calcu... Click to read full article

Pulkit Sharma 20/06/2017 under GST-Rules , GST-Composition


Trading with unregistered person under GST and levy under reverse charge

A registered person is one who has registered under GST and unregistered person is one who is not registered under GST. This is a simple definition of registered and unregistered person in a layman language. As a registered person to comply correctly with GST law, you must understand certain... Click to read full article

Pulkit Sharma 15/05/2017 under GST-Composition , GST-Registration , GST-Rules , GST-RCM , GST-Tax , GST-Invoice


Bill of supply and invoice for GST composition levy scheme

Those who have opted for composition scheme needs to provide a bill of supply instead of a tax invoice. Section 31 of CGST Act, contains the provision for issuing invoice for supply of goods or supply of services. If you are paying tax under composition scheme, you are not required to issue a ... Click to read full article

Pulkit Sharma 14/05/2017 under GST-Software , GST-Composition , GST-Invoice


Composition scheme or normal tax rates, a thought on GST impact on small business

Goods and Services Tax (GST) to be rolled out from July 2017, will have major impact on business practices as well as economy. Big companies have hired top consultants for smooth transition. Small business owners, however will face many issues. First issue for small businesses will be to diges... Click to read full article

GST Payer 21/04/2017 under GST-Composition , GST-Guide , GST-Impact , GST-News , CGST-Act