💁Agenda of the Video▶️: To show, How-to Record Purchase Transaction (Order or Invoice) while purchasing goods or services from "Composite Vendor" under GST Regime in Business Central.
✅Hint 1: This Scheme is Optional.
✅Hint 2: This Scheme is applicable and useful for Small Trader/Manufacturer/Dealer.
✅Hint 3: Under this Scheme any Trader/Manufacturer/Dealer would Pay GST at a Fixed Rate, prescribed under the GST Law.
-------------------------------------------------------
💁FAQs:-
✔️Ques 1. What is a GST composition?
Ans: What is the GST composition scheme bill? The GST Composition Scheme Bill enables small businesses to pay a fixed rate based on turnover instead of regular GST. It eases compliance for businesses with a turnover below a specified threshold.
---
✔️Ques 2: What is the difference between Composite GST and Regular GST?
Ans: A regular GST scheme is a tax system where a registered taxpayer collects and pays GST on the value of the goods and services supplied. The Composite GST scheme is designed for small taxpayers with a turnover of up to Rs. 1.5 crores who pay tax at a lower rate and file quarterly returns.
---
✔️Ques 3: How to check GST Composition?
Ans: To Check GST Status Online.
Go to the GST Online Portal.
By following these steps and availing the functionalities of the GST portal, users can efficiently access and review the Composition Scheme status.
Step (i): Login to the GST Portal.
Step (ii): Navigate to "Search Taxpayer".
Step (iii): Enter GSTIN or State Details.
Step (iv): Review Status.
---
✔️Ques 4: Who is the Composition Dealer?
Ans: An Assessee who falls under the Composition Scheme and is required to comply with all the conditions mentioned therewith, is known as a Composition Dealer. Such a Dealer is required to comply with the rules and regulations framed by the GST Council for Composition Scheme.
---
✔️Ques 5: What is the objective of a composition scheme?
Ans: The objective of Composition Levy Scheme is to bring simplicity, ease the compliance burden and Reduce Cost of compliance for the Small Taxpayers. The Scheme is Optional.
