GST Composition Scheme

Composition Scheme Under GST: Conditions, Advantages, Registration, Returns & Rates

Goods and Services Tax - Eligibility for Composition Schemes Under GST: Taxpayer with Turnover limit up to 1.5Cr (In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75 lacs) can opt for Composition scheme voluntarily....

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GST: Change in Tax Rates for Composition Taxpayers (Updated)

Goods and Services Tax - Change in GST Tax Rate and tax base for taxpayers registered under Composition Scheme as amended from time to time by various notifications including the recent recent scheme of GST on a presumptive basis. 1. Notification No. 08/2017 CT- dated 27 June 2017 :-GST Rates for composition taxpayers are notified vide Notification No. 08/2017 CT...

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GSTR-9, GSTR 9A & GSTR-9C: Important things to be considered

Goods and Services Tax - Important things to be considered before GSTR-9,9A Returns and Reconciliation Statement in GSTR-9C for the A.Y.2018-19 under GST Law...

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Composition Levy under GST- Detailed Analysis

Goods and Services Tax - Articles related to all about the Composition Levy of Scheme (Section 10 of CGST Act 2017) whose turnover described below a certain limit. 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 R...

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Compulsory Withdrawal from GST Composition Levy: FAQs

Goods and Services Tax - 1. What is meant by Compulsory Withdrawal from GST Composition Levy? A taxpayer can opt out of Composition levy in any of the two ways: 1. Voluntarily opt out of Composition levy by filing Form GST CMP-02 on the GST Portal or 2. Compulsorily removed out of Composition levy by the Tax Official at any […]...

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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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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. ...

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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. ...

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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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Tax payment & GST Return Filing by 6% Composition Scheme dealers

Notification No. 21/2019–Central Tax [G.S.R. 322(E)] - (23/04/2019) - Seeks to notify procedure for quarterly tax payment and annual filing of return for taxpayers availing the benefit of Notification No. 02/2019– Central Tax (Rate), dated the 7th March, 2019 i.e. for dealers who opted 6% Composition Scheme vide Notification No. 21/2019 – Central Tax Dated 23rd Ap...

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Central Goods and Services Tax (Third Amendment) Rules, 2019

Notification No. 20/2019–Central Tax [G.S.R. 321(E)] - (23/04/2019) - All returns due for the period from the date of the order of cancellation of registration till the date of the order of revocation of cancellation of registration shall be furnished by the said person within a period of thirty days from the date of order of revocation of cancellation of registration...

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CBIC amends new GST Composition Scheme rules related to ITC

Notification No. 9/2019-Central Tax (Rate) - (29/03/2019) - Notification No. 9/2019-Central Tax (Rate)- Seeks to amend notification No. 02/2019- Central Tax (Rate) so as to provide for application of Composition rules to persons opting to pay tax under notification no. 2/2019- Central Tax (Rate). Government of India Ministry of Finance (Department of Revenue...

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GST Composition Scheme limit enhanced to Rs. 1.5 cr w.e.f. 01-04-2019

Notification No. 14/2019 – Central Tax [G.S.R. 196(E)] - (07/03/2019) - Notification No. 14/2019 – Central Tax- Seeks to supersede notification No. 08/2017 – Central Tax dated 27.06.2017 in order to extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores. Threshold Limit Composition Schem...

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CBIC order on determining eligibility for GST composition scheme

Order No. 01/2019-Central Tax [S.O. 635(E)] - (01/02/2019) - It is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account – (i) for determining the eligibility for composition scheme under second...

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Recent Posts in "GST Composition Scheme"

Composition Scheme Under GST: Conditions, Advantages, Registration, Returns & Rates

Eligibility for Composition Schemes Under GST: Taxpayer with Turnover limit up to 1.5Cr (In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75 lacs) can opt for Composition scheme voluntarily....

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GST: Change in Tax Rates for Composition Taxpayers (Updated)

Change in GST Tax Rate and tax base for taxpayers registered under Composition Scheme as amended from time to time by various notifications including the recent recent scheme of GST on a presumptive basis. 1. Notification No. 08/2017 CT- dated 27 June 2017 :-GST Rates for composition taxpayers are notified vide Notification No. 08/2017 CT...

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GSTR-9, GSTR 9A & GSTR-9C: Important things to be considered

Important things to be considered before GSTR-9,9A Returns and Reconciliation Statement in GSTR-9C for the A.Y.2018-19 under GST Law...

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Composition Levy under GST- Detailed Analysis

Articles related to all about the Composition Levy of Scheme (Section 10 of CGST Act 2017) whose turnover described below a certain limit. 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 R...

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Compulsory Withdrawal from GST Composition Levy: FAQs

1. What is meant by Compulsory Withdrawal from GST Composition Levy? A taxpayer can opt out of Composition levy in any of the two ways: 1. Voluntarily opt out of Composition levy by filing Form GST CMP-02 on the GST Portal or 2. Compulsorily removed out of Composition levy by the Tax Official at any […]...

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All About Composition Scheme under GST (Section 10)

CA Dilip Kumar Bothra 1. What is composition levy under GST? Ans. The  composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 1.5 Crore (s. 75 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce […]...

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Annual Return for Composition Scheme: GSTR 9A – A Complete Guide

Composition Scheme is a simple and easy scheme under GST for Small Taxpayers especially beneficial for B2C businesses.   This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore. Special Scheme for Service providers also introduced w.e.f. 1st April’2019 for those having Rs 50 Lakh Turnover. Composition Dealer...

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GST Composition Scheme: Procedure for Tax Payment & Return Filing

Special Procedure For Payment of Tax And Filing Of Returns For Tax Payers Under Composition Scheme Introduction: In order to provide relief of compliance and cumbersome procedure for small tax payers GST has introduced the scheme of composition. Under this scheme, a tax payer with few restrictions can operate easily in the business with r...

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GST Statement / Return to be filed by 6% Composition dealers

Special procedure for person paying tax under section 10 or availing benefit of Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019 The Central Board of Indirect Taxes and Customs, vide notification no. 21/2019 – Central Tax dated 23rd April, 2019 has laid down special procedure to be followed by specified categories of pe...

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Relief to service suppliers under new GST Composition Scheme

Quarterly tax payment and annual filing of return for taxpayers availing the benefit of Notification No. 02/2019– Central Tax (Rate) {N/N 21/2019 -CT dt 23/04/2019} Notifies the registered persons paying tax under the provisions of section 10 of the said Act or by availing the benefit of notification of the Government of India, Ministry...

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