In this article, we’re going to take a closer look at Bill of supply under the composition scheme.
Can a person who applies for new registration under GST choose to submit a composition at the time of the application for registration?
You will find the contents of the Bill of Supply below –
- Name, address, and GSTIN of the supplier
- A consecutive serial number can be in one or more multiple series but unique for the financial year (not exceeding 16 characters)
- Date of its issue
- Name, address, and GSTIN of the recipient
- HSN Code or SAC
- Description of goods or service
- Total Value
- Discount or Abatement
- Taxable Value
- A signature or Digital Signature of the supplier or his authorized representative
Can a person opt for a composition scheme to issue a Tax Invoice and collect tax from customers?
The persons opting for the Composition scheme shall issue a Bill of Supply instead of Tax Invoice as they are not allowed to collect tax from the customers, they need to pay GST tax at composite rate out of their pocket.