Goods and Services Tax : The article examines the benefits and trade-offs of the composition scheme, helping small businesses determine whether the concess...
Goods and Services Tax : This article explains the composition levy scheme under Section 10 of the CGST Act, including eligibility, tax rates, compliance o...
Goods and Services Tax : The analysis shows that lower tax rates under the composition scheme significantly improve liquidity for startups. This enables re...
Goods and Services Tax : Learn about the GST Composition Scheme for small taxpayers. This guide covers eligibility, tax rates, filing requirements, and key...
Goods and Services Tax : GSTN clarifies GSTR-3A notices sent to cancelled composition taxpayers were due to a system error. Ignore if registration cancelle...
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 : The Allahabad High Court dismissed a writ petition from Poddar Electronics Security, upholding tax orders after the company failed...
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 : GSTN clarifies GSTR-3A notices issued to cancelled composition taxpayers due to a system glitch; corrective action is underway to ...
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...
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.
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-Central Tax (Rate) To […]
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 of Supply: First […]
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 […]
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 category […]
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 Threshold […]
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) Threshold Limit for […]
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.
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) […]
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 proviso to sub-section (1) of section 10;
