Accounting Entries for dealer under composition scheme or under scheme notified through notification no 2/2019 CT(Rate) dated 07-03-2019
Composition Scheme and scheme notified by through notification no. 2/2019 CT(Rate) dated 7-3-2019 are scheme framed by government for small tax payers having turnover of INR 1.5 Crores in the preceding financial year. The accounting entries for this kind of scheme will be different as certain restriction are imposed in the scheme, the dealer under…