Who are not eligible to opt for Composition Scheme?

• 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.
• A Person Registered as Tax Deductor or Tax Collector.
  

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. 

     

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Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice

The GST Council has approved introduction of ‘e-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System.

An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. Adoption of this new standard ensures complete inter-operability of e-invoices across the entire GST eco-system. The new system eliminates the need for fresh data entry, reduction of reconciliation errors and population of invoice details directly into Return through Invoice Reporting Portal (IRP). For more details on ‘e-invoice’, CLICK HERE

Being key players in Indian business eco-system, the role and support of Accounting and Billing Software Providers is crucial for successful implementation of GST e-invoice System.

In the coming months when e-invoice implementation takes place, GSTN intends to interact closely with Accounting and Billing Software Providers. This is to get suggestions and feedback as well as to keep them abreast of developments on new e-invoice framework.

Accounting and Billing Software Providers can ENROL HERE , by providing contact and other details.

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