- today
💁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.
✅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.
Category
📚
LearningTranscript
00:30Hello friends, welcome to my channel, I am Flan Sarmabhi and today we are discussing about Composite Vendor.
00:54We will talk about Composite Vendor in this video.
01:00We will talk about Composite Vendor and how to create a Composite Vendor in the software.
01:08Let's start, first of all, let's use the search engine.
01:14I don't have any text or conditions because every time the financial year changes are changed.
01:24So, as we talk about Composite Vendor, when the rule of JST is updated,
01:30you will have to consider that updated rule according to the rule.
01:34So, if you use the search engine,
01:36then you can check the latest update in financial year-wise.
01:40Like here, no JST is computed.
01:44What did I search for?
01:46What did I search for? Composite Vendor.
01:48So, if you are dealing with Composite Vendor, then you will not calculate GST.
01:54A Composite Vendor is a vendor whose aggregate turnover in a financial year does not exceed 50 lakhs and has opted for a composition scheme.
02:06They neither collect tax from the recipient of supplies nor pass on any credit of input tax.
02:13This is the input credit of the criteria.
02:18It will not come into this.
02:20Because the scheme is opted for such a scheme,
02:23which is what the government is doing.
02:25So, what can they do?
02:27They cannot collect the recipient from the recipient.
02:31If you don't collect the tax, then you cannot claim the input credit.
02:34Hence, no JST is computed in the purchases are made from a Composite Vendor.
02:40A Composite Supply.
02:42Now, because it is a vendor,
02:44it is a provider of goods and services.
02:47So, whoever will supply it,
02:50is a tax.
02:51A Composite Supply is a supply made by a taxable person to a recipient,
02:55consisting of two or more taxable supplies of goods or services or both.
03:00So, in this way, you will check the conditions and any combination thereof,
03:06which are naturally bundled and supplied in conjunction with each other in ordinary course of business.
03:13One of which is the principal supply.
03:16So, the taxable supply needs to be made by a taxable supply.
03:20If you think,
03:22if you think,
03:23they are dealing with two or three types of goods and services,
03:26which you are dealing with,
03:28then the main course of business needs to be made by a taxable supply.
03:32So, in this way,
03:34we can see the combination of this combination.
03:37Now, you can learn the others,
03:42such as the conditions,
03:43such as the conditions,
03:44such as the composition scheme,
03:47such as the rules of the composition scheme.
03:52Composition scheme's rules under GST provides for all the procedural compliance,
03:58Intimation for composition scheme,
04:02the effective date for levy,
04:05condition and restriction of the levy.
04:09Charges,
04:11validity of levy and rate of tax.
04:13So,
04:14you can check the latest update.
04:18You can check the latest update.
04:20You can check the latest update.
04:22And,
04:23you can check the composition of the forms.
04:25You can check the latest update.
04:27In which case,
04:28which form will appear?
04:30Effective date,
04:32restriction,
04:33validity,
04:34rate of tax.
04:36Now,
04:38you can see,
04:39this is an important thing.
04:40The composition scheme,
04:42applicable GST rates.
04:46Type of business.
04:48You can be a business manufacturer,
04:50as a manufacturer trader,
04:51as a manufacturer trader,
04:52for goods.
04:53So,
04:54it will be 0.5%,
04:57or 0.5%,
04:58or 0.5%
04:59or 1%
05:00total.
05:01And,
05:02there are interstate supplies.
05:04You can do local supplies.
05:06You can do interstate transactions.
05:09You can do interstate transactions.
05:11You can do interstate transactions.
05:12You can do interstate transactions.
05:14You can do interstate transactions.
05:15You can do interstate transactions.
05:16That's why HGST and SGST are going to be
05:18because it's only local transactions.
05:19And,
05:20intrastate allowed.
05:21Manufacturer.
05:22then,
05:23restaurant not serving alcohol.
05:25Where alcohol is served not
05:26served,
05:27that's the restaurant is 0.5%
05:28total.
05:295%
05:30And,
05:31service providers,
05:323%
05:33to 3%
05:34to 6%.
05:35So,
05:36this way,
05:37you can do interstate transactions.
05:38So,
05:39what you need to do in this form.
05:40How many days in this form is.
05:41This form is made.
05:42And,
05:43this form is made.
05:44And,
05:45there is another form.
05:46which we will see
05:52and we will see
06:03and you will register in this composition scheme
06:07and what happens is that
06:09GST registration number
06:11you can also know that
06:12this vendor composition scheme
06:14registered or not
06:15so it will be a unique registration number
06:17but GST registered vendor
06:20under the scheme of composition
06:24let's take a little back
06:26and I will show you another information
06:33here is another information
06:35GST composition scheme
06:41rules turnover limit
06:43rate benefits
06:45composition scheme is a simple and easy scheme
06:47under GST for taxpayers
06:48small taxpayers can get rid of tedious GST formalities
06:54and pay GST at a fixed rate of turnover
06:57now composition scheme is a simple and easy scheme
07:00for GST tax payers
07:02for GST tax payers
07:04small taxpayers can get rid of tedious GST formalities
07:09this scheme can be opted by your tax payers
07:11whose turnover is less than rupees
07:121.5 million
07:13this scheme can be opted by your tax payers
07:14whose turnover is less than rupees 1.5 million
07:15this scheme can be $1.5 million
07:17this scheme can be opted by your tax payers
07:18this scheme can be opted by your tax payers
07:22whose turnover is less than rupees 1.5 million
07:24this scheme can be opted by your tax payers
07:26Or total turnover
07:27if you have a fixed rate of tax tax
07:28if you have a fixed rate of tax tax
07:30you can have a fixed rate of tax tax payers
07:31this scheme can be opted by your tax payers
07:34whose turnover is less than rupees 1.5 million
07:37this scheme can be a small vendor
07:38if you have a small vendor
07:41who must be £1.5 million
07:43the sale is a single number
07:45that is lower than $1.5 million
07:47You can know whether a taxpayer opted for a composition scheme or not using the GST search tool.
08:05You can know that the vendor registration number is registered in the composition scheme or not.
08:17You can know that the GST search tool can charge you or not.
08:21There are many restaurants that do in your restaurant.
08:37If it is registered in the composition of your recipient, you can't do the text in your recipient.
08:43Because it is registered in the composition.
08:46You can know that the government has a fixed rate of tax.
08:49So, the tax that you have to get to your account, they will not pay the government.
08:54Because there is no chance to get a fixed rate of tax.
08:57So, many people use this way.
09:00So, you can know that if you put the GST registration number in the GST search tool,
09:05you will know that the GST is registered or not.
09:08And you will know that you can get a tax or not.
09:13If the GST is registered in the GST composition scheme,
09:17then you can't get a tax for soon.
09:19Because the government has a fixed rate of tax.
09:21So, they can't get a tax from your recipient.
09:24So, this is a good way to check.
09:26You can check the restaurant owner.
09:29Because the manufacturer and trader doesn't need the case.
09:32But in the restaurant case, you can definitely check the case.
09:37CBIC has notified the increase to threshold limit for Rs. 1.5 crore to 1.5 crore.
09:50And then you can check the other things that we have.
09:52And we can go back to the point of the point.
10:05First, we will check the composition scheme,
10:09Now we will check how to build a composite vendor in business central
10:16How can you create a composite vendor?
10:25Because what is the transaction?
10:28You can't get a JST from the recipient
10:31So if you select a composition vendor
10:34When you create a composition vendor, you will not calculate GST
10:39So if you think that GST is not calculated
10:42How can you create a composite vendor?
10:44So when you show a JST vendor type in your report
10:50Then you can show a composite vendor
10:54Now I am going to create a composite vendor
10:58I am going to create a composite vendor
11:00I am going to create an latest vendor
11:04This name is
11:04I have seen
11:17I am going to create this name
11:19I have to use this name.
11:21Yeah, you got it.
11:24Now we are going to open the editing mode
11:26if you want to change the changes,
11:27you will also do that.
11:31Like you create a vendor,
11:33you have to create a vendor.
11:35You have to create a vendor.
11:37You can use a vendor to generate a vendor.
11:39You can use a template.
11:41Because I am going to be a domestic,
11:43I can do a local purchase
11:47and you can sell this person.
11:51So, with the local purchase sale,
11:53what will happen to me?
11:55This is my vendor,
11:57because I will purchase it.
11:59So, I am going to be a customer.
12:01So, he is doing a local sale.
12:03So, I will do this.
12:05First of all, you have to fill the header.
12:07Then, you have to fill the address, contact,
12:09invoicing,
12:11all you need to fill the details.
12:13Then, you have to fill the main tax information.
12:15If you also write an SSC-code company
12:17which I put a pen number,
12:19which I have to have done for a sample,
12:21hailing with it,
12:22you can refresh the search engine
12:23and take the magazine about the JST registration number
12:26to make a document material And then,
12:29once upon this I completed the organization and I made a República
12:35step by cooking 있어요.
12:37and if you have a registration number, you can also use registered vendor type
12:45but because I have composite, I have selected composite
12:51if you have a correct example or you are registered or you have a vendor registered
13:01the composite scheme and you have a correct example, you can check that as you enter registration number
13:09and if you don't, if you have a registration number, you can select registered
13:17then you can manually change composite, after that it will fix or freeze
13:23aggregate 10 over more than 20 lakhs, I am defaulting here
13:29so I have to install it, I have to check it out and check it out
13:35all the things we have taken, main registration number and composite
13:39and the registration number is based on the N number combination
13:43which is 10 number, I have put in this type of SSE code
13:47so I have filled all the tax information, so it is our composite vendor
13:53I will try to create a direct invoice
13:59so I will create a purchase invoice
14:03so the third part of this video is the purchase invoice
14:05the first part was to talk about composite scheme
14:09the second part was to create a vendor
14:13so the third part is the transaction
14:27so purchase invoice invoice
14:29date
14:33date
14:35update
14:37we have put in this particular transaction
14:39so purchase invoice, now you can still click on the purchase invoice
14:41then we have created a header
14:43and created a header
14:46so if we have been using vendor card so you will create the header
14:49so if we just put the vendor card
14:51then our header will create a header
14:53I have to make reference
14:55that I will create a purchase invoice
14:57and say it write a purchase invoice
14:59so this will be the composite vendor
15:01and then it will create a form of composite vendor
15:03because this invoice is related
15:05whatever number series, pattern, tax and invoice
15:09you have a vendor that has given you
15:11when you give it invoice
15:14because this invoice is a vendor
15:17bill
15:18so you have to put the number in the vendor
15:21so you have to come here
15:23if we talk about goods
15:25let's see which goods
15:29this is a dummy company
15:33promise, this means I have to take any goods
15:37which we will purchase
15:45this purchase
15:49and we will check
15:55that tax calculate
15:57or I or I
15:59then
16:01the text information
16:03which is in the tab
16:05is blank
16:07now
16:09the JST Group and HSN
16:11I will fill it
16:13in the card
16:15if there is no fill
16:17then
16:19the JST Group code
16:21you will check
16:23but tax calculation
16:25the JST Group
16:29is
16:31the JST Group
16:33is
16:35the JST Group
16:37is
16:39the JST Group
16:41the JST Group
16:53is
16:55the JST Group
16:57the JST Group
16:59is
17:00the JST Group
17:01is
17:02the JST Group
17:03He
17:12makes the JST Group
17:12according to the JST Group
17:13which is the maximum
17:14is what in the goods category
17:15I have to choose just
17:17to check
17:18I am going to show
17:19that
17:20I am not going to
17:21consider tax calculation
17:22Now we can update the settings.
17:29We can update the settings.
17:32We can select the settings and select the settings.
17:47The process is updated.
17:52Welcome to Interstate Juridiction Type for GSTP, Tax Information
18:22We will check the preview posting.
18:52You can see the text information on the tab, but you can see the text information on the
19:20tab.
19:21If you have a jail account, then you will get Purchase and Vendor Domestic, so you can show the name of the vendor.
19:294600 quantity into rate multiplied, then you will get it.
19:36Then you will get debit credit, Purchase to Vendor.
19:41Vendor Lager Entry, you can check it.
19:48Item Lager Entry, Cost Amount, this is the value entry, Direct Cost Entity, Cost Amount Actual Invoice.
20:13Now, as the cost amount is actually added, then the cost posted to JL.
20:22Because the cost is automatically allowed, it is enabled.
20:29If you have a good receipt note, then you will go here.
20:34Actual doesn't go here.
20:36Actual doesn't go here.
20:37Actual doesn't go here.
20:38Actual doesn't go here, when you are invoicing.
20:39And the cost is automatically posted to JL,
20:41then you will automatically post your inventory set up.
20:46Automatic adjustments are true.
20:48Now, if you have a cost posted to JL, then you can check in JL,
20:54which is the entry of JL, which is the cost of JL,
20:57which is the cost of JL.
20:58Vendor's account will also be posted.
21:00Vendor's related value will also be posted.
21:03This will happens after posting or when you click on Vendor's account.
21:09I can click the initial entry of the application entry after posting.
21:15Now, if you can payment after posting,
21:20if it is advanced, then you will apply it.
21:22If you click in JST Vendor Type, Composite.
21:26Composite. So, as you can show the report, the report will show you the GST vendor type.
21:35So, you will know that this was a composite vendor case.
21:40Composite vendor case to identify this component, you can identify this component.
21:45GST vendor type specifies the vendor type in GST registration.
21:50So, in your report, as a GST vendor type,
21:54you can easily identify this component.
22:01We can also post it.
22:03We can also check it after posting it.
22:06Post and Print.
22:31Okay.
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