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Composition Levy of Goods Quiz

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Questions and Answers

In the context of the text, who is eligible for the composition levy of goods?

A trader with no involvement in service provision

A person engaged in marginal supply of services other than restaurant service (correct)

Only a manufacturer

Anyone engaged in supplying goods

What type of supply other than restaurant services can a registered person engaged in the composition scheme provide, as per the text?

Consulting services only

Any service with a specified value not exceeding 10% of turnover (correct)

Manufacturing services only

Restaurant services only

What is the purpose of the second proviso to section 10(1) mentioned in the text?

To restrict manufacturers from opting for the composition scheme

To allow small-scale service providers to benefit from the composition scheme for goods (correct)

To exclude service providers from the composition scheme

To promote restaurant services over other services

What determines the maximum value of services (other than restaurant services) a person under the composition scheme can provide in a year?

10% of their turnover in the preceding year Signup and view all the answers

Why is there a provision for marginal supply of services for those under the composition scheme?

To allow a wider range of businesses to benefit from the scheme Signup and view all the answers

Based on the text, what determines whether a person can supply services other than restaurant services under the composition scheme?

(10% of Turnover in State/UT in Preceding FY) OR 5 lacs, whichever is higher Signup and view all the answers

Composition Levy of Goods Quiz

Choose a study mode

Podcast

Questions and Answers

In the context of the text, who is eligible for the composition levy of goods?

What type of supply other than restaurant services can a registered person engaged in the composition scheme provide, as per the text?

What is the purpose of the second proviso to section 10(1) mentioned in the text?

What determines the maximum value of services (other than restaurant services) a person under the composition scheme can provide in a year?

Why is there a provision for marginal supply of services for those under the composition scheme?

Based on the text, what determines whether a person can supply services other than restaurant services under the composition scheme?

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