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 and…
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…
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…
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…
