Composition scheme is to help the small taxpayer by reducing the GST compliance burden. A composition scheme holder needs to maintain lesser records. Further, they have to file GST Return on a quarterly basis rather than monthly basis. Previously, the composition was exclusively applicable to the supplier of the goods. But the 32nd GST Council … Read moreLower GST Rate for Composition Scheme Service Providers
We live in a world that favors the bigger sectors of the economy. They get to enjoy more benefits than the smaller ones that co-exist in it. But in recent years, the government has started to focus on these small sectors too, which help build an economy. The introduction of GST led to redefinition … Read morePros and Cons of the GST Composition Scheme
If you opted in / out from GST Composition Scheme, you may facing several problems. Most of the problems are common to all taxpayers who opted in / out from composition scheme. Let’s check out those expected common problems with probable solutions. Q: Obtained new registration and opted to pay tax under Composition Scheme. How … Read moreGSTR 4 – Composition Scheme: Rules, Return Filing Procedures & Dates
The debate which started months ago about, whether the composition scheme will bring smile or tears is still on and relevant today. Of course, there are many elements which make it shine and the GST Council is brainstorming and fine-tuning it in almost every council meeting. However, the list of the minuses can also not … Read moreAdvantages and Disadvantages of Composition Scheme Under GST
The five member GoM [Group of Ministers], led by the Assam Finance Minister, Mr. Himanta Biswa Sarma, who have been tasked to fine tune and make the composition scheme more lucrative and easy to adopt is meeting on 29th October’17 with the industry reps to deeply discuss about the composition scheme, tax slabs for the … Read moreComposition Scheme May Stretch to Inter-State Businesses
It’s been just over a week since the last GST Council meeting [October 7th], chaired by the finance minister, Sh. Arun Jaitley, formed a special group of ministers [GoM] especially for overseeing, fine-tuning and making the composition scheme more befitting and benefiting for the SMB, start-ups and the business community at large. The high level … Read moreComposition Scheme Rediscussed by GOM
There would be a substantial amount of cost and expertise needed in complying with GST. While the big guys will easily adapt to it, it’s the smaller ones which will feel the heat for lacking either of the above. Composition scheme, under GST, is just an extension of the current scheme under VAT and is … Read moreFacts To Know About Composition Levy Under GST
As the pan-India wave of GST is about to hit us this July, the entire nation is gearing up to embrace the colossal tide. Even as the corporate Tycoons and Moguls are restructuring and redefining their business processes in tune with the GST mould, the micro, small and medium organizations are putting on their best efforts to swim in the sea of rules and regulations of this new legislation. The buzz-worthy question – is there any relief to the small sectors of our economy from the morass of complicated compliances of GST.