Regular GST registered Taxpayers who don’t want to avail ITC facility and who have an aggregate annual domestic PAN-based turnover as per the following limits can opt for the Composition Levy under GST: Up to INR 1.5 Crores (in the previous FY), Up to INR 75 lakhs (in the previous FY) for Taxpayers who are … Read moreHow To Opt-In For Composition Scheme For The Financial Year 2021-22?
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
As the day concluded, the direction of the Indian economy was re-defined and re-tuned with the biggest tax reshuffling since GST’s inception and a bunch of minor and major tweaks were done across the key elements of the GST regulations, in the 23rd GST Council meeting which ended in Guwahati on November 10th, 2017. All … Read more23rd GST Council Meeting – Summary of Decisions and Changes
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
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