I am starting next series on #GST. That is about various forms prescribed under different chapters of Central Goods and Services Tax Rules, 2017.
My first post is on Chapter II - Composition Rules. There are 7 forms for different purposes. Detail enclosed.
Composition Scheme is not new for Traders, specially Traders from Delhi would be aware about the same, as most of the provisions of Composition Scheme under GST is copy-paste from DVAT Rules only. The Tax-Payers who were enjoying composition scheme Earlier under VAT Act, may continue under GST, as they would have decided after considering all facts, but to the people who are now thinking to opt this scheme, I would recommend only if you are satisfied with your current business or a retired person who is in business only to pass the time, may opt it. But Young Business People, who want to expand their business, should stay away from this scheme, as this is like a diet chart for a diabetic patient, with so many restrictions. Not only you have to pay tax out of your pocket, won't be allowed ITC (Including paid under RCM), and Persons buying from you would also have no option to claim ITC. Can't make inter-state supply etc.
Anyway, It was only my opinion. Take decision Wisely. Thanks.
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