GST Composition Scheme

Threshold limit based on 32nd GST Council meeting decisions

Goods and Services Tax - The GST Council in its 32nd meeting held on 10th Jan 2019 considered the demands raised by the MSME (including the small traders) to increase the threshold limit for registration and to ease the compliance burden under GST. Key highlights of the meeting are as follows: Two higher exemption threshold limit from registration and payment [&h...

Read More

Decisions taken by GST Council in its 32 Meeting on 10.01.2019

Goods and Services Tax - GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions but same would be given effect to through Gazette notifications/ circulars which shall have the force of law.-...

Read More

Amendments in GST Composition Scheme & Service Supplier inclusion

Goods and Services Tax - Amendments in Composition Scheme under GST and inclusion of Supplier of Service under the Scheme. With a first meeting in a new calendar year of 2019 GST council has come up with a relaxing exhale for MSME units and small traders by introducing some essential changes to the policy and procedure under the GST Act.  […]...

Read More

How to find if dealer/ supplier is under GST Composition scheme or not

Goods and Services Tax - A. FAQs on Search Taxpayers Opted In/Out of GST Composition Scheme Q.1 Can I find if my dealer/ supplier is under the Composition scheme or not? Ans: You can use GSTIN to search the details of a taxpayer who have opted in for the composition scheme or opted out from the composition scheme. Note: Only […]...

Read More

GST for MSME Sector

Goods and Services Tax - Introduction: What is MSME? In accordance with the provision of Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two classes...

Read More

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....

Read More

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....

Read More

GST: Time to opt Composition scheme & to apply registration cancellation extended

Goods and Services Tax - Taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for cancellation of registration is being extended up to 30th September, 2017. ...

Read More

GST: Revised Threshold for Composition Scheme – 11.06.2017

Goods and Services Tax - GST Council, in its meeting held on 11th June, 2017, has recommended increase in the aforesaid turnover limit for Composition Levy for CGST and SGST purposes from Rs. 50 lakh to Rs.75 lakh in respect of all eligible registered persons, referred to in the aforesaid sub­section. ...

Read More

Final GST Composition Rules and Format of Forms

Goods and Services Tax - Validity of composition levy- (1) The option exercised by a registered person to pay tax under section 10 shall remain valid so long as he satisfies all the conditions mentioned in the said section and these rules....

Read More

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. ...

Read More

CBEC amends composition rate for Traders & Manufacturers in UT

Notification No.1/2018- Union Territory Tax [G.S.R. 03(E)] - (01/01/2018) - Union Territory Tax seeks to further amend notification No. 2/2017 - Union Territory Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers....

Read More

CBEC amends composition rate for Traders & Manufacturers

Notification No. 1/2018-Central Tax [G.S.R. 02(E).] - (01/01/2018) - Central Tax seeks to further amend notification No. 8/2017 - Central Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers....

Read More

MGST: Revised composition scheme for manufacturers & Traders

Notification No. 1/2018–State Tax - (01/01/2018) - Noti.No.01/2018-(ST)- Amd. to Noti. No.8/2017-(ST) to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers...

Read More

UTGST: Order removing difficulties in composition scheme implementation

Order No. 01/2017-Union Territory Tax - (13/10/2017) - Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2017- it is further clarified that in computing his aggregate turnover in order to determine his eligibility for composition scheme, value of supply of any exempt services including services by way of extending deposits, loans ...

Read More

CBEC notifies Revised Turnover Limit for opting Composition Scheme

Notification No. 46/2017-Central Tax [G.S.R. 1287(E).] - (13/10/2017) - G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on the recommendations of the Council...

Read More

Recent Posts in "GST Composition Scheme"

Threshold limit based on 32nd GST Council meeting decisions

The GST Council in its 32nd meeting held on 10th Jan 2019 considered the demands raised by the MSME (including the small traders) to increase the threshold limit for registration and to ease the compliance burden under GST. Key highlights of the meeting are as follows: Two higher exemption threshold limit from registration and payment [&h...

Read More

Decisions taken by GST Council in its 32 Meeting on 10.01.2019

GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions but same would be given effect to through Gazette notifications/ circulars which shall have the force of law.-...

Read More

Amendments in GST Composition Scheme & Service Supplier inclusion

Amendments in Composition Scheme under GST and inclusion of Supplier of Service under the Scheme. With a first meeting in a new calendar year of 2019 GST council has come up with a relaxing exhale for MSME units and small traders by introducing some essential changes to the policy and procedure under the GST Act.  […]...

Read More

How to find if dealer/ supplier is under GST Composition scheme or not

A. FAQs on Search Taxpayers Opted In/Out of GST Composition Scheme Q.1 Can I find if my dealer/ supplier is under the Composition scheme or not? Ans: You can use GSTIN to search the details of a taxpayer who have opted in for the composition scheme or opted out from the composition scheme. Note: Only […]...

Read More

GST for MSME Sector

Introduction: What is MSME? In accordance with the provision of Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two classes...

Read More

GST on Restaurants: An analysis

GST rate will not depend now onwards whether restaurant is Air conditioned or Non-Air conditioned, serving alcohol or not. Post amendment, restaurants would be divided into 3 categories (i) Stand-alone restaurants (ii) Restaurants in hotel premises (iii) Outdoor catering...

Read More

What Is Composition Scheme Under Goods And Services Tax Act

Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding,...

Read More

Benefits of Composition Scheme Under Goods And Services Tax

Article explains Advantages and disadvantages of Composition Scheme Under Goods And Services Tax, 2017 read with Rules related to GST Composition. ...

Read More

GST Composition Scheme Bill / Invoice Format and What It Should Contain

Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax. The person who has opted for Composition levy under GST Act is called the Composition Dealer. A dealer who has opted for Composition scheme under GST Act has to take care of a certain provisions which are required to be complied with in case the assesse wa...

Read More

Return (GSTR 4) Under Composition Scheme of GST

The composition scheme provides for a very simple way of filing returns by the composition dealers. The taxpayer who has opted for composition scheme under GST Act has to file a single quarterly return as GSTR 4 for the income earned and tax paid during the preceding Financial Year....

Read More

Browse All Categories

CA, CS, CMA (3,962)
Company Law (4,193)
Custom Duty (7,148)
DGFT (3,826)
Excise Duty (4,173)
Fema / RBI (3,564)
Finance (3,774)
Income Tax (28,540)
SEBI (3,016)
Service Tax (3,418)

Search Posts by Date

January 2019
M T W T F S S
« Dec    
 123456
78910111213
14151617181920
21222324252627
28293031