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Composition Scheme under GST https://www.amazon.in/gp/goldbox?&linkCode=ll2&tag=10e3928-21&linkId=4b2917bf40081515c5289ba80b4fe0f0&language=en_IN&ref_=as_li_ss_tl u Businesses with annual turnover up to Rs 1.5 crore can opt for composition scheme. Turnover of all businesses with the same PAN has to be added up to calculate turnover for the purpose of the composition scheme.  u Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for the composition scheme under Section 10. However, service providers can opt into a similar scheme for composition dealers notified by the CGST (Rate) notification no. 2/2019 Type of Business CGST SGST Total Manufacturers and Traders (Goods) 0.5% 0.5% 1% Restaurants not serving Alcohol 2.5% 2.5% 5% Service Providers 3% 3% 6%   ...

  The CBIC has notified that e-invoicing will be applicable from 1st April 2022 for businesses with a turnover of more than Rs.20 crores (in any financial year from FY 2017-18 onwards). Below chart shows for which documents e-invoicing is required. *Bill of Supply means supplied made of exempted goods or services. Irrespective of the turnover, e-Invoicing shall not be applicable to the following  as notified in CBIC Notification No.13/2020 – Central Tax: 1.     An insurer or a banking company or a financial institution, including an NBFC 2.     A Goods Transport Agency (GTA) A registered person supplying passenger transportation services 3.     A registered person supplying services by way of admission to the exhibition of cinematographic films in multiplex services. 4.     Input Service Distributor. An SEZ unit (excluded via CBIC Notification No. 61/2020 – Central Tax. More read : https://taxunlock.blogspot.com/202...

There is huge change in claiming GST Credit  from 01/01/22 and so necessary to inform to non finance department as they will be dealing with vendors. Below is draft mail you can send to non finance department.  Sub : Huge Change in Claiming of GST credit Dear all, There is huge change in claiming of GST credit (applicable from 01/01/21) wide notification 39/2021-CT, Dated -21/12/21 as under : As per the new insertion of Section 16(2)(aa), a Recipient cannot avail Input Tax Credit (ITC) for the Invoice issues by the Supplier, if the Supplier has not filed that Invoice in his GSTR1 Returns i.e. Input tax Credit(GST Paid to vendors) in respect of invoices and debit notes shall be available only to extent they are furnished in GSTR1 by the vendors and the appearing in GSTR2A/2B of the recipient(your company name). If Vendor have not filed GSTR1 showing invoice issued to us in within due date (11 th of preceding month), than we will not able to take credit of tax till they sh...