GST Composition Scheme

Composition Scheme Under GST – A Detailed Analysis

Goods and Services Tax - 1. The composition scheme under GST is optional and alternative method specially designed for the small taxpayers whose turnover is up to 1.5 Crore (Increased from Rs. 1 Crore) & (Rs. 75 Lacs in case of few states) and the main reason is to reduce the compliance cost (less returns, maintaining books of account & […]...

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Composition Scheme For Service Provider Under GST Act

Goods and Services Tax - Composition Scheme under GST was earlier available to only the Suppliers of goods. However, in 32nd GST Council Meeting, it has been recommended that the scheme shall be made  available to service providers too. The scheme for service providers is available from  1 April 2019 . The composition scheme for service providers gives an opti...

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Decoding of Composition Scheme under GST

Goods and Services Tax - 1. Overview of Composition Scheme under GST? Composition scheme is mainly focused to benefit the MSMEs and small taxpayers. Composition scheme helps the MSMEs and small taxpayers to avoid complex monthly Formalities under GST Act and opt to discharge their GST liabilities at a predefined fixed rate. Further a dealer under composition sche...

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Composition Levy under GST- Detailed Analysis

Goods and Services Tax - Article covers Limit under Composition scheme, What is Aggregate Turnover, Person not entitled to avail Composition scheme under GST, Condition & restriction for levy of composition scheme (under Rule 5 of chapter II of CGST Act 2017), Form to be submitted, Composition Rate of Tax, Penalty for delay in filing GSTR -4, Important Notes...

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Integrating GST Composition Scheme & Presumptive basis of Income Tax

Goods and Services Tax - Composition scheme is an option available to SME taxpayers with minimal compliance/filing requirement. The intent is to ease the process of doing business for SME taxpayers and reduce their undue harassment. The idea of this article is to provide the reader with complete insight of these schemes. The article is drafted primarily with GST ...

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Alert for those Opting for GST Composition Scheme enabled

Goods and Services Tax - Alert for taxpayers about non-eligibility of certain Commodities, for opting for composition, while filing Form GST REG 01 & Form GST CMP 02 or filing any non-core amendment related to option for composition. Taxpayers opting for composition and engaged in manufacturing of commodities, will be shown an alert, if they are manufacturer ...

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Changes in Advisory on Opting-in for GST Composition Scheme for 2020-21

Goods and Services Tax - Existing Normal taxpayers who want to opt for Composition Scheme in Financial Year 2020-21 may note following changes: 1. Revised date to file Form GST CMP 02: Normal and registered taxpayers who want to opt in for Composition in FY 2020-21 can apply in Form GST CMP-02 by 30th June 2020....

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CBIC issues 6 New Notifications / Circulars / Orders on 23.04.2019

Goods and Services Tax - On 23rd April 2019 CBIC issued 3 CGST Notifications, 2 Circulars and 1 Removal of Difficulty Order. CBIC added proviso to Rule 23, Amended Rule 62 to provide rule for payment and return filing by Specified Composition dealers, Inserted Form GST CMP – 08– Statement for payment of self-assessed tax, added a new instruction to [&hell...

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GST on restaurants reduced to 5% by GST Council in 23rd Meeting

Goods and Services Tax - i. All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. ii. Restaurants in hotel premises having room tariff of less than Rs 7500 per unit per day will attract GST of 5% without ITC....

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Changes recommended in Composition Scheme in 23rd GST Council meeting

Goods and Services Tax - Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum....

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AAR Ruling on Applicability of GST Composition Scheme & Applicable Tax Rate

In re Empathic Trading Centre (GST AAR Karnataka) - In re Empathic Trading Centre (GST AAR Karnataka) 1. The applicant is eligible to be in the composition scheme under section 10 of the CGST Act, 2017 if the turnover of services of the applicant does not exceed ten per cent of turnover in a State or Union territory in the preceding financial year or...

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Supply of goods or services for ‘setting up of network’ is Composite supply

In re Sterlite Technologies Limited. (GST AAR Maharashtra) - The supply of goods or services for 'setting up of network' would qualify as a Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and Services Tax Act, 2017....

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Benefit of Composition Scheme can’t be denied for procedural deficiency

Bridge & Roof Company (I) Ltd. Vs. CCE (CESTAT Delhi) - While hearing the case of Bridge & Roof Company Limited vs. CCE, Delhi bench of the Customs Excise & Service Tax Appellate Tribunal held that the benefit of the composition scheme cannot be denied to an assessee who has entered into contracts prior to 1.07.2007. ...

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GST Composition Scheme for FY 2020-21 can be opted till 30.06.2020

Notification No. 30/2020-Central Tax [G.S.R. 230(E)] - (03/04/2020) - Notification No. 30/2020- Central Tax, dated 03.04.2020- Amendment in the CGST Rules so as to allow taxpayers opting for the Composition Scheme for the financial year 2020-21 to file their option in FORM CMP-02 till 30th June, 2020 and to allow cumulative application of the condition in rule 36(4) f...

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Last date for filing of CMP-08 extended to 22nd October 2019 (Read Notification)

Notification No. 50/2019–Central Tax [G.S.R. 809(E).] - (24/10/2019) - Due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter July, 2019 to September, 2019, or part thereof, shall be the 22nd day of October, 2019....

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UTGST: Manufacturers of aerated waters excluded from purview of composition scheme

Notification No. 18/2019- Union Territory Tax (Rate) [G.S.R. 722(E).] - (30/09/2019) - Seeks to amend notification No 2/2019- Union territory Tax (Rate) dated 7.3.2019 so as to exclude manufacturers of aerated waters from the purview of composition scheme vide Notification No. 18/2019-Union Territory Tax (Rate) dated 30th September, 2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPAR...

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CBIC excludes manufacturers of aerated waters from purview of composition scheme

Notification No. 18/2019-Central Tax (Rate) [G.S.R. 721(E).] - (30/09/2019) - Seeks to amend notification No 2/2019- Central Tax (Rate) dated 7.3.2019 so as to exclude manufacturers of aerated waters from the purview of composition scheme vide Notification No. 18/2019-Central Tax (Rate) dated 30th September, 2019. The composition tax rate of 6% as notified w.e.f 1.4.2019 for ...

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Aerated water manufacturers cannot opt for GST composition scheme

Notification No. 43/2019-Central Tax [G.S.R. 729(E)] - (30/09/2019) - CBIC amends notification No 14/2019- Central Tax dated 7.3.2019 so as to exclude manufacturers of aerated waters from the purview of composition scheme vide Notification No. 43/2019-Central Tax dated 30 September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No....

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Recent Posts in "GST Composition Scheme"

Composition Scheme Under GST – A Detailed Analysis

1. The composition scheme under GST is optional and alternative method specially designed for the small taxpayers whose turnover is up to 1.5 Crore (Increased from Rs. 1 Crore) & (Rs. 75 Lacs in case of few states) and the main reason is to reduce the compliance cost (less returns, maintaining books of account & […]...

Read More

Composition Scheme For Service Provider Under GST Act

Composition Scheme under GST was earlier available to only the Suppliers of goods. However, in 32nd GST Council Meeting, it has been recommended that the scheme shall be made  available to service providers too. The scheme for service providers is available from  1 April 2019 . The composition scheme for service providers gives an opti...

Read More

Decoding of Composition Scheme under GST

1. Overview of Composition Scheme under GST? Composition scheme is mainly focused to benefit the MSMEs and small taxpayers. Composition scheme helps the MSMEs and small taxpayers to avoid complex monthly Formalities under GST Act and opt to discharge their GST liabilities at a predefined fixed rate. Further a dealer under composition sche...

Read More

Composition Levy under GST- Detailed Analysis

Article covers Limit under Composition scheme, What is Aggregate Turnover, Person not entitled to avail Composition scheme under GST, Condition & restriction for levy of composition scheme (under Rule 5 of chapter II of CGST Act 2017), Form to be submitted, Composition Rate of Tax, Penalty for delay in filing GSTR -4, Important Notes...

Read More

Integrating GST Composition Scheme & Presumptive basis of Income Tax

Composition scheme is an option available to SME taxpayers with minimal compliance/filing requirement. The intent is to ease the process of doing business for SME taxpayers and reduce their undue harassment. The idea of this article is to provide the reader with complete insight of these schemes. The article is drafted primarily with GST ...

Read More

GST Composition Scheme – An Introduction

The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 1.5 Crores (Rs. 75 lakhs in case of a In case of North-Eastern states and Himachal Pradesh) [N.N 14/2019-CT(rate) dt. 07-03-2019] From 1st of April,2019, the composition scheme will also be available to services and [&hel...

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Comprehensive analysis of composition scheme under GST

1) Introduction : In view of the spread of pandemic COVID-19 across many countries of the world including India, The GOI has increased the due date for filling intimation to opt for payment of tax under composition scheme for FY:2020-21 to 30.06.2020 vide Notification No. 35/2020 – Central Tax dated 03.04.2020. So before advising client...

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AAR Ruling on Applicability of GST Composition Scheme & Applicable Tax Rate

In re Empathic Trading Centre (GST AAR Karnataka)

In re Empathic Trading Centre (GST AAR Karnataka) 1. The applicant is eligible to be in the composition scheme under section 10 of the CGST Act, 2017 if the turnover of services of the applicant does not exceed ten per cent of turnover in a State or Union territory in the preceding financial year or […]...

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New Composition Scheme under GST regime -Quick Analysis

New GST composition scheme which came not as an addition to the earlier existing section 10 of the CGST Act, 2017, but through a notification dated 7th March, 2019 [Notification No. 2/2019 - Central Tax (Rate)]....

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Composition Scheme under GST | Section 10 | CGST Act 2017

Composition Scheme was introduced for small taxpayers, so that they can get rid of tedious GST formalities and pay indirect tax at a fixed rate of turnover. ♦ Eligibility :- 1. It is an optional scheme available to taxable person, Taxable person can opt for the scheme if aggregate turnover is upto Rs. 1.5 crore […]...

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