- Supplier of Services except (a registered person whose aggregate turnover in the preceding financial year did not exceed Rs. 50 Lakh may opt to pay tax in composition at the rate of 3%CGST and 3%SGST/UTGST in lieu of the tax payable by him under sec 9(1) of CGST Act or Persons engaged in Restaurant Services)
- Supplier of Goods which are not leviable to tax.
- Supplier of Inter-State Outward Supplies of Goods.
- Persons supplying Goods through an Electronic Commerce Operators (ECO) who is required to collect Tax at Source under section 52.
- Manufacturer of Ice-cream, Pan Masala and tobacco.
Note: -
There is no restriction on Composition Suppler to receive Inter-State Inward
Supplies of Goods as also make Inter-State Inward and Outward Supply of
Service.
As Per Sec 34(1) of CGST Act 2017, where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or here the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied such goods or services or both, may issue to the recipient one or more credit notes for supplies made in a financial year containing such particulars as may be prescribed.Thanks for sharing Valuable Information and it's very helpful. Being Best Top ca Final institute in bangalore One of the Leading Coaching Centres in bangalore for Chartered Accountancy.
ReplyDeleteThe total of cash paid to suppliers, recorded in the cash book, has been posted correctly to the payables ledger control account, but a payment to a supplier is not posted from the cash book to the individual accounts in the payables ledger.Thanks for sharing useful Information for the reasearch and it's very helpful. Being best ca coaching in hyderabad . One of the Leading Coaching Centres in Hyderabad for Chartered Accountancy.
ReplyDeleteTo make a control account reconciliation, the starting point is to compare the control account balance with the total of all the balances on the individual customer (receivables ledger) or supplier (payables ledger) accounts .Thanks for sharing useful Information. Thanks for sharing useful Information. Being Best ca course fees in coimbatore . One of the Leading Coaching Centres in Coimbatore for Chartered Accountancy.
ReplyDeleteIf the totals differ, the reasons for the difference need to be discovered. When the reasons are discovered, the errors must be corrected. A correction might involve.Thanks for sharing useful Information. Being Best US CMA coaching centre in Coimbatore One of the Leading Coaching Centres in Coimbatore for Chartered Accountancy.
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