COMPOSITION FIRM

1. If 1yr turnover is less than 1.5cr

2. In every 3month the firm has to pay GST & that is called CMP08 Return
3. No tax paid on purchase of goods(input) & also on sale of goods to customer
4. Company has to pay 1% of sale as tax
5. Name of invoice – Bill of service
6. Account maintenance is easy because the company has to pay 1return in every 3 month

REGULAR FIRM

1. If 1yr turnover is greater than 1.5cr

2. The firm has to pay GST every month & it is called GSTR3B Return
3. For every purchase and sale the company has to pay tax
4. If the product is tax payable under GSTR3B then the company has to pay tax or else not
5. Name of invoice- Tax invoice