GST Composition Scheme

Composition Levy Under GST Rules & Provisions

Goods and Services Tax - Schemes of Composition Levy Under GST Under the GST regime, a class of registered persons has the option to pay the taxes either under the normal rates or he may opt to pay tax at special lower rates under composition scheme as specified in the CGST Act, 2017 and rules made there under. Apart from […]...

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Is GST Composition scheme beneficial? Analysis on Cost-impact

Goods and Services Tax - Overview The composition scheme under GST, is for the small corporations, keeping into consideration, the challenges they face with regards to GST especially when their annual turnover is not above Rs 1 crore. Provisions under the composition scheme is mentioned in Section 10 of the Central GST Act, 2017 and Chapter 2 of the CGST [&hellip...

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Composition Levy under GST- Detailed Analysis

Goods and Services Tax - The Government has prescribed this scheme to avail by the small dealers who are not interesting to maintain detailed records, who mainly deal with end consumers, who also deal in multiple items with different rate of tax etc.. Composition Levy is a tax which is paid by the registered person on his turnover. Tax is […]...

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Service Providers under GST Composition Scheme – An Overview

Goods and Services Tax - Service providers - Eligible person for composition scheme Following registered persons having aggregate turnover up to INR 1.5 crores w.e.f 1-4-2019 by virtue of Notification No. 14/2019 dated 7-3-2019 –Central Tax (INR 75 lakhs for Special Category States) in preceding financial year are covered in the composition scheme:...

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GST Composition FAQs

Goods and Services Tax - COMPOSITION LEVY Q1. Can we opt for Composition in the middle of the Year? A1. No. but last date is 30.09.2019. However as per Rule 3(3), the dealer should inform prior to commencement of the year, the bare rule represent is as follows:- Rule 3(3) Any registered person who opts to pay tax under section […]...

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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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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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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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36th GST Council Meeting- Changes in GST Law, Due dates and Rates

NA - (27/07/2019) - GST rate on all Electric Vehicles reduced from 12% to 5% and of charger or charging stations for EVs from 18% to 5%. Hiring of electric buses by local authorities exempted from GST.Changes in GST rates shall be effective from 1st August, 2019...

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Recent Posts in "GST Composition Scheme"

Composition Levy Under GST Rules & Provisions

Schemes of Composition Levy Under GST Under the GST regime, a class of registered persons has the option to pay the taxes either under the normal rates or he may opt to pay tax at special lower rates under composition scheme as specified in the CGST Act, 2017 and rules made there under. Apart from […]...

Read More

Is GST Composition scheme beneficial? Analysis on Cost-impact

Overview The composition scheme under GST, is for the small corporations, keeping into consideration, the challenges they face with regards to GST especially when their annual turnover is not above Rs 1 crore. Provisions under the composition scheme is mentioned in Section 10 of the Central GST Act, 2017 and Chapter 2 of the CGST [&hellip...

Read More

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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Composition Levy under GST- Detailed Analysis

The Government has prescribed this scheme to avail by the small dealers who are not interesting to maintain detailed records, who mainly deal with end consumers, who also deal in multiple items with different rate of tax etc.. Composition Levy is a tax which is paid by the registered person on his turnover. Tax is […]...

Read More

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 (DEPARTMENT OF REVENUE) Notification No. 18/20...

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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 persons with aggregate turnover of up to...

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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. 43/2019-Central Tax New Delhi, the 30 S...

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Service Providers under GST Composition Scheme – An Overview

Service providers - Eligible person for composition scheme Following registered persons having aggregate turnover up to INR 1.5 crores w.e.f 1-4-2019 by virtue of Notification No. 14/2019 dated 7-3-2019 –Central Tax (INR 75 lakhs for Special Category States) in preceding financial year are covered in the composition scheme:...

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GST Composition FAQs

COMPOSITION LEVY Q1. Can we opt for Composition in the middle of the Year? A1. No. but last date is 30.09.2019. However as per Rule 3(3), the dealer should inform prior to commencement of the year, the bare rule represent is as follows:- Rule 3(3) Any registered person who opts to pay tax under section […]...

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Relief to Small Composition & Electric Vehicle Manufacturers in GST

In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended....

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