GST Composition Scheme

New GST Composition schemes for Service Providers- Actually New or Just another Tax Rate?

Goods and Services Tax - On 07-03-2019 government introduced a new GST Composition scheme by Notification No. 02/2019 of CGST (rate) 2017 with a new rate for the service sector. This notification is effective from 1.4.2019....

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Provisions of GST Effective From 1st April 2019

Goods and Services Tax - Article discusses changes in 1. GST Provisions related to Threshold Limit for Registration in case of goods , Services and Both Goods & Services 2. Changes in GST Composition Scheme 3. Supply with or without consideration – treated as supply under GST, Changes in TCS Provisions and 4. Proposed New GST Return Formats....

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Comparison of Composition Schemes Under GST (From 1-4-2019 )

Goods and Services Tax - We  had COMPOSITION scheme for GOODS manufacturer or trader  – at 1% . Also we already had COMPOSITION scheme for RESTAURANT SERVICE supplier – at 5%. Now we have , COMPOSITION SCHEME FOR SERVICE PROVIDER   OR   GOODS + SERVICE PROVIDER –  at 6%  for First 50 lacs w.e.f. 01-04-2019. Notification No. 2/2019-Centra...

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Composition Scheme for Service Providers w.e.f. 01/04/2019

Goods and Services Tax - In view of notification No. 2/2019 – Central Tax (Rate) dated 07/03/2019, the Central Government, on the recommendations of the Council, has notified Composition Scheme for Service provider which can be opted from 01/04/2019. Previously, service providers are kept out of ambit of composition scheme u/s 10(1) of CGST Act. A. Description ...

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Composition Scheme for Services under GST wef 01.04.2019

Goods and Services Tax - Composition Scheme for Services under GST Effective from 1st April,2019 – Notification No. 2/2019-Central Tax (Rate) dated 7th March, 2019 1) Description of supply First supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year, by a […]...

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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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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....

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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 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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UTGST (Removal of Difficulties) Order, 2019 on composition Scheme

Order No. 01/2019-Union Territory Tax (S.O. 636(E).) - (01/02/2019) - This Order may be called the Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2019. For the removal of difficulties, 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...

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CBIC aligns rates for Composition Scheme with CGST Rules, 2017

Notification No. 05/2019 – Central Tax [G.S.R. 65(E)] - (29/01/2019) - Seeks to amend notification No. 8/2017-Central Tax dated 27.06.2017 so as to align the rates for Composition Scheme with CGST Rules, 2017 vide Notification No. 05/2019 – Central Tax dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect...

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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....

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Recent Posts in "GST Composition Scheme"

New GST Composition schemes for Service Providers- Actually New or Just another Tax Rate?

On 07-03-2019 government introduced a new GST Composition scheme by Notification No. 02/2019 of CGST (rate) 2017 with a new rate for the service sector. This notification is effective from 1.4.2019....

Read More

Provisions of GST Effective From 1st April 2019

Article discusses changes in 1. GST Provisions related to Threshold Limit for Registration in case of goods , Services and Both Goods & Services 2. Changes in GST Composition Scheme 3. Supply with or without consideration – treated as supply under GST, Changes in TCS Provisions and 4. Proposed New GST Return Formats....

Read More

Comparison of Composition Schemes Under GST (From 1-4-2019 )

We  had COMPOSITION scheme for GOODS manufacturer or trader  – at 1% . Also we already had COMPOSITION scheme for RESTAURANT SERVICE supplier – at 5%. Now we have , COMPOSITION SCHEME FOR SERVICE PROVIDER   OR   GOODS + SERVICE PROVIDER –  at 6%  for First 50 lacs w.e.f. 01-04-2019. Notification No. 2/2019-Centra...

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Composition Scheme for Service Providers w.e.f. 01/04/2019

In view of notification No. 2/2019 – Central Tax (Rate) dated 07/03/2019, the Central Government, on the recommendations of the Council, has notified Composition Scheme for Service provider which can be opted from 01/04/2019. Previously, service providers are kept out of ambit of composition scheme u/s 10(1) of CGST Act. A. Description ...

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Composition Scheme for Services under GST wef 01.04.2019

Composition Scheme for Services under GST Effective from 1st April,2019 – Notification No. 2/2019-Central Tax (Rate) dated 7th March, 2019 1) Description of supply First supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year, by a […]...

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GST: Decrease In Turnover Limit for Composition Levy In Uttarakhand

DECREASE IN TURNOVER LIMIT FOR COMPOSITION LEVY IN THE STATE OF UTTARAKHAND Composition Turnover Limit with Effect from 1 April 2019 CBIC has recently issued Notification No. 14/2019- Central Tax; Dated: 7 March 2019 to give effect to the decision to increase turnover limit for composition scheme to Rs  1.5 crores. However for special ca...

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GST Notifications Implementing 32nd GST Council meeting decisions

GST Notifications dated 7th Mar, 2019 – Implementation of decisions of 32nd GST Council meeting held on 10th January, 2019,  which will be be effective from 1st April, 2019- a) Higher Exemption Threshold Limit for Supplier of Goods (Notification No. 10/2019 – Central Tax, dated the 7th of March, 2019) : There would be two Thresh...

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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 Scheme (Effective from 1st April, 2019) Thres...

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GST: Composition Scheme (under section 10 of CGST Act, 2017)

The objective of composition scheme is to bring simplicity and to reduce the compliance cost for small taxpayers. The taxpayers having an aggregate turnover not more than Rs. 1 Crore (Rs. 75 Lakhs in Special Category Notified States) is eligible to opt for composition scheme....

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GST Composition scheme – Present and proposed changes

1. What is composition Scheme? ♠ The Composition scheme is an ‘alternative method’ of levy of tax designed for easing the tax compliance for small taxpayers. ♠ This is not a new concept under GST, this was existing under VAT, Excise and Service tax regime also. This was also called as Tax on Turnover (TOT) […]...

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