Goods and Services Tax : Explore the Composition Scheme under GST: A simplified tax regime for small manufacturers, traders, and retailers offering the ben...
Goods and Services Tax : Explore GST Composition Scheme, its benefits, drawbacks, eligibility criteria, and tax rates. Learn how to file returns and what h...
Goods and Services Tax : The Composition Levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to prescribed limit...
Goods and Services Tax : Special procedure for electronic commerce operators involved in facilitating supply of goods by individuals or businesses paying t...
Goods and Services Tax : Stay informed about the latest developments as CBIC simplifies procedures for E-commerce Operators dealing with Composition Taxpay...
Goods and Services Tax : While filing Annual Return GSTR-4, if composition taxpayers have deposited excess tax, they will now be able to file for GST refu...
Goods and Services Tax : A memorandum is submitted to Finance Minister on Grievance related to scheme of annual return filing for the composition dealers...
Goods and Services Tax : A representation has been sent to CBIC requesting Waiver of late fees for non- filing of annual return ( GSTR-4) by composition de...
Goods and Services Tax : It is respectfully requested to please provide the benefit of Amnesty Scheme to Composition Dealers and allow them to file GSTR-4 ...
Goods and Services Tax : In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) ...
Goods and Services Tax : In re Pioneer Bakers (GST AAR Odisha) Q. (a)Whether supply of Cakes, bakery items, ice creams, chocolates, drinks and other eatabl...
Goods and Services Tax : Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) Hon’ble H...
Goods and Services Tax : Merely exercising option under composite scheme cannot prevent Revenue Department from demanding recovery of GST The Hon’ble And...
Goods and Services Tax : In re Empathic Trading Centre (GST AAR Karnataka) 1. The applicant is eligible to be in the composition scheme under section 10 of...
Goods and Services Tax : The supply of goods or services for 'setting up of network' would qualify as a Composite supply of works contract as defined in cl...
Goods and Services Tax : CBDT shifts CGST functions to Superintendents of Central Tax. Circular No. 223/17/2024-GST details changes for registration and co...
Goods and Services Tax : Notification No. 50/2023 - Central Tax amends Notification No. 66/2017 to exclude specified actionable claims under CGST Act secti...
Goods and Services Tax : Learn about the new tax procedures for eCommerce operators facilitating goods supplies by composition taxpayers under the CGST Act...
Goods and Services Tax : The government has now decided that the negative balance in the cash ledgers of such taxpayers should be nullified. Accordingly, t...
Goods and Services Tax : Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending June, 2022 till 31.07.2022 – Notification No. ...
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
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,
Article explains Advantages and disadvantages of Composition Scheme Under Goods And Services Tax, 2017 read with Rules related to GST Composition.
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 wants to enjoy the benefits of the scheme.
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.
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,
Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax. Chapter II of the CGST Rules 2017 deals with the various propositions of levy of composition scheme under the CGST Act 2017. Rule 3-7 of Chapter II of the CGST Rules 2017(as amended upto 06th July 2018) have been reproduced below
Goods and Services Tax (GST) introduced to the Indian economy to bring a new regime of business compliance by subsuming most of the indirect taxes such as excise, VAT, service tax etc. In order to minimize the tax compliances for Start-ups and Small and Medium Enterprises, the government has introduced the concept of Composition levy under GST.
Not every taxable person is entitled to opt GST composition scheme. Only taxpayers having aggregate turnover less than Rs 100 lakhs (in case of Special category states, the limit is Rs 75 lakh) in a financial Year can opt for composition scheme. The aggregate turnover shall be calculated by considering all business registered with the same PAN number. This article will provide you with what Returns A Composition Dealer needs to File.
Under the GST law, Composition scheme is an expedient way to escape from various GST formalities and pay the tax at a low prescribed percentage based upon the turnover of the business. The composition scheme was introduced to bring straightforwardness and to minimize the compliance cost for the small taxpayers. Businesses with an aggregate turnover of up to 100 lakh in a preceding financial year shall be eligible for composition scheme.
