Any business with an annual turnover of less than Rs. 1 crore (or Rs. 75 lakhs, in some states) is eligible to register under the GST composition scheme, voluntarily.`
01/07/2017) or within 30 days (or as extended by the commissioner)
of the appointed day (01/07/2017), (which was later extended up to
16/08/2017).
If he intimates after the appointed day, he shall not collect GST and
issue bill of supply from the appointed day. Further such person
has to furnish a statement containing details of stock including the
inward supply of goods received from unregistered persons, held
by him on the day preceding the date from which he opts for the
scheme, in FORM GST CMP-03, within 60 days (or as extended by the
commissioner) of the date from which the option for composition
levy is exercised. As per Order No. 11/2017-GST dated 21.12.2017, the
period for intimation of details of stock in FORM GST CMP-03 is
extended till 31st January, 2018
A person who is not registered under existing law but applies for
fresh registration under Rule 8 of the CGST Rules, 2017 may opt for
the scheme by providing necessary information under part B of
FORM GST REG-01.
Under the Goods and Services Tax (GST) composition scheme, small taxpayers can register and pay a fixed rate of tax on their turnover, instead of the regular GST rates.
To be eligible for the composition scheme, the taxpayer must have an annual turnover of up to Rs. 1.5 crore (as of September 2021). However, there are certain businesses that are not eligible to register under this scheme, including:
Service providers (except for restaurant and catering services)
Manufacturers of ice cream, pan masala, or tobacco products
Casual taxable persons or non-resident taxable persons
Businesses that supply goods through an e-commerce operator who is required to collect tax at source
Businesses that supply goods that are not taxable under GST
Businesses that supply goods through an interstate trade
Businesses that make any kind of supply of goods or services which are not leviable to GST
It is important to note that once a business has registered under the composition scheme, they cannot collect GST from their customers and cannot claim input tax credit on their purchases.
Any business with an annual turnover of less than Rs. 1 crore (or Rs. 75 lakhs, in some states) is eligible to register under the GST composition scheme, voluntarily.`
Refer Link: Composition Scheme Under GST
01/07/2017) or within 30 days (or as extended by the commissioner)
of the appointed day (01/07/2017), (which was later extended up to
16/08/2017).
If he intimates after the appointed day, he shall not collect GST and
issue bill of supply from the appointed day. Further such person
has to furnish a statement containing details of stock including the
inward supply of goods received from unregistered persons, held
by him on the day preceding the date from which he opts for the
scheme, in FORM GST CMP-03, within 60 days (or as extended by the
commissioner) of the date from which the option for composition
levy is exercised. As per Order No. 11/2017-GST dated 21.12.2017, the
period for intimation of details of stock in FORM GST CMP-03 is
extended till 31st January, 2018
A person who is not registered under existing law but applies for
fresh registration under Rule 8 of the CGST Rules, 2017 may opt for
the scheme by providing necessary information under part B of
FORM GST REG-01.
Under the Goods and Services Tax (GST) composition scheme, small taxpayers can register and pay a fixed rate of tax on their turnover, instead of the regular GST rates.
To be eligible for the composition scheme, the taxpayer must have an annual turnover of up to Rs. 1.5 crore (as of September 2021). However, there are certain businesses that are not eligible to register under this scheme, including:
Service providers (except for restaurant and catering services)
Manufacturers of ice cream, pan masala, or tobacco products
Casual taxable persons or non-resident taxable persons
Businesses that supply goods through an e-commerce operator who is required to collect tax at source
Businesses that supply goods that are not taxable under GST
Businesses that supply goods through an interstate trade
Businesses that make any kind of supply of goods or services which are not leviable to GST
It is important to note that once a business has registered under the composition scheme, they cannot collect GST from their customers and cannot claim input tax credit on their purchases.