Interesting Facts about GST Composite dealer
- Person opted Composition Scheme cannot issue tax invoice. [ he can issue only Bill of Supply]
- A person opting for composition levy will have to pay tax on quarterly basis before 18th of the month succeeding the quarter during which the supplies were made.
- There is no restriction on purchasing goods from inter-state suppliers (From other states) by persons opting for the composition scheme
- Person opted Composition scheme is required to file return on quarterly basis by 18 th of month following the quarter in Form GSTR 4
- The option to pay tax under composition levy would remain valid so long as conditions mentioned in section 10 of the CGST Act, 2017 and Rule 3 to 5 of the CGST Rules, 2017 remain satisfied.
- A person registered under Normal Scheme under Existing law having Input Tax credit on appointed day,, is not eligible to carry forward such ITC under GST law if we go for Composition Scheme under existing law.