Questions
Q1 Can we have GST Credit in case of Composition Scheme
View AnswerNo
it is because Composition Schem does not get any Input
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How to Calculate GST in Composition Scheme
Last updated at Dec. 16, 2024 by Teachoo
Chapter 9 GST Composition Scheme
Q4 Quarterly Scheme
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- Chapter 1 GST Basics
- Chapter 2 GST Working
- Chapter 3 GST Input Tax Credit
- Chapter 4 GST Entries
- Chapter 5 GST Invoices
- Chapter 6 GST Return Form No and Due Dates
- Chapter 7 GST Reverse Charge
- Chapter 8 GST Registration
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Chapter 9 GST Composition Scheme
- Chapter 10 GST E -Way Bill
- Chapter 11 GST Interest and Late Fees Calculation
- Chapter 12 GST Recent Changes
Transcript
Example 1: Sales 100000 Purchase 60000 What is GST Payable How to Calculate GST in Composition Scheme Particulars Amount CGST S GST Total Output Input GST Payable 100000 500 500 60000 500 500 1000 Note : No input available for Composition Scheme. Example 2: Sales 100000 Purchase 110000 What is GST Payable /Credit Particulars Amount CGST S GST Total Output Input GST Payable 100000 500 500 110000 500 500 1000 Note : Even if Purchase more than Sales,No Credit in case of Composition Scheme . OR GST Credit Example 3: Sales 100000 (Including Purchase 80000 (5% GST What is GST Payable / Credit Particulars Amount CGST S GST Total Output Input GST Payable 100000 500 500 80000 500 500 1000 Note : In composition scheme Sales is always including GST. OR GST Credit Example 4: Composition Dealer has No Record of Sales Purchase 60000 (5% GST Client wants to pay 1000 Tax What is GST Payable /Credit Particulars Amount CGST S GST Total Output Input GST Payable 100000 500 500 60000 500 500 1000 OR GST Credit Tax Sales = 1000 =1000/1% = 100000 It is better we should show approx 100000 not Exact 100000
