LET ME KNOW THE GST COMPO.A/C METHOD.IS IT NECESSARY ITEM WISE PURCHASE AND SALES BILL ?
Yes item wise purchase and sale is compulsory. RCM provisions are applicable to composition person also.
You have to issue item wise Bill of Supply without charging tax to your customer.
Whatever sales you have for a quarter, you need to pay tax on that. For example, composition rate for other than manufacturers and restaurants is 1%.
If you made sales of 10 lakhs in a quarter you need to pay tax at 1% that is 10,000 to government.
Even if you ignore GST, it is a good accounting practice to maintain inventory wise details.
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