ജിസ്‌റ്റി കോമ്പോസിഷൻ സ്കീം അറിയേണ്ടതെല്ലാം | GST Composition Malayalam For Financial Year 2022 -23

GST Composition Scheme
Malayalam Video
What is the composition scheme?
It is a scheme under GST for small businesses belonging to the unorganized sector with aggregate turnover less than Rs. 1.5 crore (less than 75 lakhs for North Eastern states). The business owners registered under this scheme are called compounding vendors/dealers, and these vendors pay tax at a lesser rate. Also, they have fewer returns to file compared to normal taxpayers.
As per the 32nd GST Council Meeting, a new composition scheme is being put together. This is meant for those suppliers who are either providing independent services or a combination of both goods and services, and have a turnover of up to Rs 50 lakhs in the preceding financial year. The tax rate for this scheme is at 6% (3% CGST + 3% SGST).
Features of Composition Scheme:
Here are some important features of composition scheme:
Manufacturers of goods, dealers, and restaurant owners (applicable only to restaurants that do not serve alcohol) can opt for composition scheme.
A compounding dealer cannot collect tax or claim input tax credit for the supplies delivered to their clients. Due to this reason, bills of supply are issued for sales transactions, instead of tax invoices.
Business owners registered under this scheme pay tax at a much lesser rate compared to normal business owners. The tax paid by the compounding vendors will be equal to at least 1% of the business’s annual turnover.
The composition rates are different based on the type of business.
For traders and manufacturers it’s 1%.
For restaurant sector it’s 5%.
The registered business owner under Composition Scheme will have to file one return each quarter by 18th of the month following that quarter.
If a business owner has 5 different businesses under the same PAN, he must register all the businesses under Composition Scheme or opt out of the scheme.
For transactions under the reverse charge mechanism, the compounding dealers will be taxed at the normal GST rate.
A compounding dealer is permitted to supply services, excluding restaurant services, that are worth under 10% of the turnover for the preceding financial year or Rs. 5 lakhs, whichever is higher.
Eligibility criteria
As of the 1st of April, 2019, the limit to be eligible for the composition scheme has been increased to Rs 1.5 crore (less than 75 lakhs for North Eastern states) and the business is required to sell goods only within their own state.
The following individuals cannot opt for Composition Scheme:
Suppliers who provide services
Supplier who supply exempt goods
Suppliers involved in inter-state transactions
E-commerce operators/aggregators
Casual taxable person or a non-resident taxable person
Manufacturers of ice-cream, pan masala and tobacco & tobacco substitute
How do I sign up for the Composition Scheme?
When a business owner wishes to apply for composition scheme, they should file the application with the tax department at the beginning of the financial year (1st April). The sign-up process is PAN-based, so business owners are advised to keep their PAN cards ready. The registration process is divided into 3 categories:
For businesses registered under pre-GST regime:
If the business is already registered under the previous tax regime, the business owner will be provided with a provisional certificate during their GST registration.
They should file FORM GST CMP-01 through the GSTN portal on or before 30 days from July 1, 2017. If the filing is delayed, the business owner will not be allowed to collect tax or issue bills of supply.
Once this is done, the business owner should furnish details regarding the stock held by them before they opted for composition scheme in FORM GST CMP-03 within 60 days. Details regarding purchases made from unregistered vendors should also be included in this form. After filing FORM GST CMP-03, the business owner should not collect any tax from the appointed day but, they can issue bill of supply for supplies made after that day.
For businesses that are registering for the first time
In this case, the business owner should file FORM GST REG-01. In Part B of the form, under Section 10, select “Registration as composite business owner” option .
For businesses registered under GST
When a business transitions from the normal tax scheme to the composition scheme, it must pay an amount equal to its available input tax credit. The input tax credit will be calculated based on the amount of input materials, semi-finished and finished goods held in stock.
To register for composition scheme, the business owner should file FORM GST CMP-02, and furnish details of ITC related to inputs, semi-finished/finished goods
Documents required in Composition Scheme
Bill of supply: Composition vendors cannot collect tax, therefore cannot claim ITC on the supplies made by them. That’s why a bill of supply is issued instead of a tax invoice.

[@udayakumarg5353]

For a super market which registration (Regular or Compound ) is better

[@hansaahshameem5378]

ഞാൻ എല്ലാ മാസവും കൃത്യമായി ഫയൽ ചെയ്യുന്ന ആളാണ്. എനിക്കു അതിൽ നിന്നും composition ലേക്ക് മാറാൻ എന്തു ചെയ്യണം

[@arundevkk580]

Self aayi return chaiyan pattumo nilavil GST consultant anu chaiyunnath. Composition GST

[@sithelaannthomas4473]

How to calculate interest for last filing

[@suhailvs1065]

Restaurant 5% tax composition scheme il ano varune????

[@dineshn4100]

ഞാൻ hardware ഐറ്റം Distribution ചെയ്യാൻ പ്ലാൻ ഉണ്ട് ഏതു തരം GST ആണ് എടുക്കേണ്ടത്

[@manojg9077]

Very useful video. Explained in simple language. Thanku sir.

[@mukeshpg121]

Sir, if one person 7:41 use another persons gst no to make interstate sales , what was the remedy for the original composite dealer? Pls reply sir

[@rajarm8037]

Composition scheme il return file cheyyan vaikipoi.. Ini valla amnesty scheme pratheekshikkamo?

[@MuhammedShibili-jn3id]

GST has composition scheme to promote goods but why services are not included in composition scheme Service enth kond premort cheyunnilla 

[@aswinsebastian7310]

Can you give me detail explanation for Composition scheme with service and tradeing

[@muhammedshafeeq.k9805]

Catering ഫീൽഡിൽ gst നിരക്ക് എത്രയാണ്

[@pratheeshjose7255]

Sir, resturant (non alchohol) 5% tax alle, but service limit 50 lakh or 1.5 crore ano

[@subodhputhanpurayil737]

What is the maximum limit for a service provider under composition scheme

[@shyjithap428]

I am a composition tax person l purchase pvc door from chennai in this purcase l kept some damage door how can l retain door to chennai, composition tax person not allowed to interstate sale, the method of retain billing please help me

[@khakicompany6908]

സാറേ debit note cheythaal പോരെ

[@rehnashafir2251]

Oru wholesale business cheyyan composition scheme upayogikkan pattumo?

[@sushamasethunath9741]

Zsir We purchase from one composite dealer can we take the input ?

[@GhalibMoideen]

No. Composition dealer will not charge GST in invoice

[@muhammedashraf5919]

Can purchase from interstate under this scheme

[@snehachristin3524]

സാർ, composition file ചെയ്യുമ്പോൾ amount pay ചെയ്തതിൽ എന്തെ ങ്കിലും mistake വന്നാൽ next time എങ്ങനെ അത് correct ചെയ്യാൻ പറ്റും

[@niyajohny4423]

Unregistered and registered person anegil effective date varunnath enn thottanu

[@subodhputhanpurayil737]

Sir in Trading business there is a maximum limit of one Core Fifty lakh Turnover under composition scheme, I would like to know what is the maximum limit for a service provider under composition scheme

[@maheshunni4418]

Composition scheme is not available to a pure service provider.

[@anwarshasalim9721]

Watch 1:50

[@adharshthomas2978]

Restaurants with alcohol composition scheme opt cheyan pattumo?? If possible ethre % aahn GST?

[@muhammed6621]

No

[@muhammed6621]

Person supplies non taxable supplies can not opt composition scheme

[@yaseenshihabyaseen270]

Hello sir..,can i ask you something?? Trade India pole ulla ecommerce online platforms il ninnu valare low price il ulla products purchase cheyth namal costomers inu off'line aayi sell cheynathinu GST register cheyyanoo?? Allenkil athraram entrepreneurs inte annual turnover ethra lakhs aakumbozhaanu GST register cheyyendath???

[@maheshunni4418]

Total turnover if exceeding 40lakhs for supply of goods and 20lakhs for service provider..

[@suhailvs1065]

Restaurant gstr1 il etre percentage varum?

[@crayonstones9007]

Composition Dealer ക്ക് Un Registered Purchase ന് Reverse Charge ഉണ്ടോ..

[@Anas-zr7gl]

Undoo?

[@bijubaby1240]

ഏതാണ് best compounting or regular

[@arunslearningclasses8914]

Composition scheme Return file ചെയ്തു but tax amount save ചെയ്തില്ല.... Edit ചെയ്യാൻ കഴിയുമോ

[@devadasmenon6403]

Composition dealer tax collect ചെയ്യാൻ പറ്റുമോ

[@GhalibMoideen]

Illa

[@rishadkoorimannil]

Manufacturer or trader total sales or total profit ithil ethinte 1 % anu tax adakendath

[@ajmalshah2936]

1% of Total taxable supply in a state

[@mujikottayil9704]

Good information

[@rajeevanck4842]

How to find out a gst no in composition scheme or not.

[@GhalibMoideen]

U can check in gst site by giving the gstn

[@SBNcollectionsworld]

Composition scheme ഉള്ള ഷോപ്പ് ഓണർക്ക് അവരുടെ കസ്റ്റമർക്കു gst ബില്ല് കൊടുക്കാൻ പറ്റുമോ?? കൊടുക്കാമെങ്കിൽ ആ ബില്ല് വാങ്ങിയ ആൾക്ക് input credit എടുക്കാൻ പറ്റുമോ??

[@khakicompany6908]

സാറേ ബില്ലിൽ COMPOSITION TAXABLE PERSON (Not allowed to collect tax on supplies) GST നമ്പറിന്റെ അടിയിൽ yezhuthanam

[@khakicompany6908]

Inp credit not avail

[@learncom-malayalam7380]

Gst invoice kodukkano customer de aduthu ninnu tax collect cheyyano pattilla

[@RK-zc7rd]

Composition person can purchase from outside Kerala

[@ronymathew4685]

Yes

[@ambikatr5149]

Sir...input gst..output gst enthàne nne paranju tharamo...govt mayi ithengane related ane nne visadeekarikamo....

[@GhalibMoideen]

If u buy somethng from me Athil Njan gst collect cheyumbol, u can claim that as credit to pay the gst u have collected on ur goods n services

[@hyderaliummerhaji5764]

ഞാൻ ഒരു കമ്പോസിഷൻ ഡീലാർ ആണ് ഫർനിചെർ യു നിറ്റ്ഉണ്ട് ഞാൻഉണ്ടാ കുന്ന ഐ റ്റം കടയിൽ കൊടുക്കണം. അങ്ങിനെ കടയിൽ കൊടുക്കണമെങ്കിൽ എനിക്ക്. ഞാൻ ഉപ യോകികുന്ന ബിൽ ഓഫ് സപ്ലെ ബിൽ മതിയോ. കടക്കാർ എന്റെ ബിൽ സ്വികരിക്കുമോ. സ്വികരിചാൽ. എനിക്കും. എന്റെബിൽ വാങ്ങിയ കടക്കാ രാനും വല്ലപ്രയാസം നേരിടേണ്ടിവരുമോ കോംബോസിഷൻ സ്‌കിമിൽ ആർകൊക്കെ ഈബിൽ (ബിൽ ഓഫ് സപ്ലെ )കൊടുക്കാൻ പറ്റും എന്റെ സംശയം പരികരികും. എന്നപ്രദീ ക്ഷയോടെ കാത്തിരിക്കുന്നു

[@sanilkumar2789]

Sir, I am running a mini supermarket. And having composition return. Do I need to enter purchases in every quarter.

[@valiyattiljayan6567]

6(2) purchase ന്ന് tax അടക്കണോ

[@sadham6328]

Notified goods nu adakkanam.allenkil venda

[@raneeshvalluparambath2946]

Manufacturer rate 2% aano

[@johnsonpv3054]

1%

[@Muhaimin31-ro9ng]

ഫോൺ നമ്പർ തരാമോ

[@BitproGlobal]

Idilum bedam blog vaayichaal madi, poor explanation. Common people don’t understand, what is input, cmp and blah blah blah

[@GhalibMoideen]

😂