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Transcript

Difference -Regular and Composition Dealer Normal Regular Dealer Composition Dealer Output GST Input GST GST Payable Normal Rate 28%/18%/12%/5%/3% They can make both Local and Interstate Sales Lower Rate 1% For Dealer/Factory, 5% For Restaurant 6% Service providers They can make only Local Sales NORMAL DEALER COMPOSITION DEALER They calculate GST Payable by deducting Input from Output OUTPUT GST -INPUT GST GST Payable They calculate GST Payable by Paying Tax on Sales at Lower rate They do not take Input OUTPUT GST GST Payable Their some returns are Monthly (Like GSTR3B) while Others Can be Monthly or Quarterly (GSTR1) They do not have Quarterly Returns They file Quarterly CMP-08 + Annual GSTR4 They can make Interstate Sales as well as local Sales They cannot make Interstate Sales. They can only sell within state Higher Rate of tax is applicable (3%,5%,12%,18%,28%) Rates of tax are lower For Traders 1% For Manufacturers 2% 1% from 1 jan 2018 For Restaurants 5% Service Providers 6% For Other Services N/A0 This scheme is available to all business This scheme is available to business having turnover upto 1.5 cr (Limit is 75 lacs in case of North Eastern States+Uttarakhand) Returns to be Filed GSTR 3B GSTR 1, 2, 3 Monthly for all If Turnover more than 1.5 Cr (In last year/likely in Current year.) If Turnover upto 1.5 Cr. (In last year/likely in Current year.) If Turnover upto 1.5 Cr. (In last year/likely in Current year.) If Turnover upto 1.5 Cr. (In last year/likely in Current year.) If Turnover upto 1.5 Cr. (In last year/likely in Current year.) If Turnover upto 1.5 Cr. (In last year/likely in Current year.) Monthly Person can choose Monthly or Quarterly

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.