Ch 1 · GST — Supply, Levy & Composition (Advanced)

🧮 Formula sheet

1. 1.Composition rate: 1% (mfr/trader), 5% (restaurant), 6% (services up to ₹50L)
2. 2.Time of Supply Goods: earlier of (a) Invoice date, (b) Last date for invoice, (c) Receipt of payment
3. 3.Value (Sec 15): Transaction Value + taxes (non-GST) + incidental + interest/late fee