GST Composition scheme is an alternative taxing method introduced for small taxpayers with low turnover. The composition scheme has been structured with the aim to make tax compliances simpler and cost-effective for the small taxpayers. In this article we’ll try to describe the GST composition scheme limits.
The Goods and Service Tax regime has brought in many changes such as monthly payment of taxes, increase in a number of return and other compliances which a small taxpayer will difficult to comply with.
Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax Planning Tips mainly for Individual and Salaried tax payers by which they can minimise their tax burden for Financial Year 2018-19 or Assessment year 2019-20.
A taxable person whose aggregate turnover during the financial year is less than Rs.100 lakhs can opt for GST composition scheme and can pay tax on the basis of the turnover at the predetermined fixed rate.
Central Government has notified Sukanya Samriddhi Account scheme vide Notification G.S.R.863(E) Dated 02.12.2014 to secure the future of Girl Child and Scheme has got good response too from the Citizens of India, considering the Tax benefit and Higher Rate of Interest which Scheme was providing. Interest Rate on the Scheme been revised downwards from 01.04.2016 to 8.60 from earlier 9.20% per annum vide notification No. G. S. R. 352(E) Dated 29/03/2016.
Under the GST laws, a composition scheme was introduced as an alternative method of levying tax framed for small taxpayers. Businesses with an aggregate turnover of up to 100 lakhs can opt for composition scheme by paying tax at a predetermined rate which is fixed on their gross turnover. However, a person opting for composition scheme cannot avail the benefit of input tax credit.
Prime Minister Narendra Modi has Launched Sukanya Samridhi Yojna’ (girl child prosperity scheme) with the vision to provide for Girl Child Education and Her Marriage Expense. Sukanya Samriddhi Account Scheme is a small deposit scheme for girl child, as part of ‘Beti Bachao Beti Padhao’ campaign, which would fetch yearly interest rate of 8.10% (WEF 01.01.2018) and provide income tax deduction Under section 80C of the Income Tax Act,1961.
Businesses with a turnover of less than 100 lakhs (Rs. 75 Lakhs for the Special Category States) can opt GST composition scheme. GST composition scheme limit is calculated on the aggregate turnover of all businesses registered with the same PAN number. Therefore, all businesses registered with the same PAN can either pay tax under composition scheme or pay tax under normal provisions but not a combination of both.
The Tax Audit season has started and it’s the time when the Assessees rush to their Chartered Accountants (CA) to get their Tax Audit done in time and CA’s work overnight to get the audits of their clients done in time. In this article we have summarized some of the general provisions related to the Tax Audit U/s 44AB.
The government has introduced a composition levy under the GST law which provides a simple and easy taxing mechanism for small taxpayers to keep up with GST Compliance. Under this GST composition scheme, a small business having a turnover of less than 100 lakhs can enrol for this composition levy and can pay tax at a predetermined fixed rate on the basis of their turnover. Small taxpayers enlisted under the GST composition scheme need not file monthly GST returns or pay monthly GST payments. In this write-up, we will discuss the implication of composition scheme for restaurants.
