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Rule 5. Conditions and restrictions for composition levy.

by | Jul 26, 2024 | GST | 0 comments

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Important Keyword: section 10, rule 3, section 9.

GST Rule 5. Conditions and restrictions for composition levy. –

(1) The person exercising the option to pay tax under section 10 shall comply with the following conditions, namely: 

(a) he is neither a casual taxable person nor a non-resident taxable person;

(b) the goods held in stock by him on the appointed day have not been purchased in the course of inter-State trade or commerce or imported from a place outside India or received from his branch situated outside the State or from his agent or principal outside the State, where the option is exercised under sub-rule (1) of rule 3;

(c) the goods held in stock by him have not been purchased from an unregistered supplier and where purchased, he pays the tax under sub-section (4) of section 9;

(d) he shall pay tax under sub-section (3) or sub-section (4) of section 9 on inward supply of goods or services or both;

(e) he was not engaged in the manufacture of goods as notified under clause (e) of sub-section (2) of section 10, during the preceding financial year;

(f) he shall mention the words “composition taxable person, not eligible to collect tax on supplies” at the top of the bill of supply issued by him; and

(g) he shall mention the words “composition taxable person” on every notice or signboard displayed at a prominent place at his principal place of business and at every additional place or places of business.

(2) The registered person paying tax under section 10 may not file a fresh intimation every year and he may continue to pay tax under the said section subject to the provisions of the Act and these rules.

Read More: Notification No. 30/2018 – Central Tax (Rate): Seeks to insert explanation in an item in notification No. 11/2017-Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017.

Web Stories: Notification No. 30/2018 – Central Tax (Rate): Seeks to insert explanation in an item in notification No. 11/2017-Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017.

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