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. ...
The Composition Scheme under GST is extremely important for those traders who have a turnover upto Rs. 1.5 crores* annually. While it has its many advantages, there are also several drawbacks of registering under the GST Composition Scheme which have been addressed in following article:
GSTR-4 is a quarterly return. Every registered dealer who have opted for composition scheme have to file quarterly return before 18th of the next quarter. Composition scheme is applicable for those taxpayers whose turnover is below Rs 1 Cr and ITC cannot be availed by by them. Now changes have been made in the GSTR-4.
Turnover limit under GST Composition Scheme North Eastern State and Himachal Pradesh : Rs. 75,00,000/- In other States : Rs. 1,00,00,000/- Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover. Who can’t opt for GST Composition Scheme Taxpayer supplying exempt supplies. Taxpayer having Interstate supplies. Supplier of […]
Composition scheme may come under the reverse charge mechanism is the feeling because the GST council has expressed concern for collections under the composition scheme were low. the tax paid under the composition scheme is just Rs. 300 crores so far by more than 1.6 million businesses that have registered for it hinting at suspicion of large-scale evasion
The Objective of Composition scheme under the GST Act, is to simplify the procedural compliance’s, particularly for the Small Tax Payers and pay GST at a Fixed rate of Turnover. The finance ministry has notified the changes decided by the GST Council, chaired by Union finance minister Arun Jaitley, held on 10th November 2017. The […]
The composition scheme which we are witnessing under GST is a carry over from earlier taxation law and was implemented under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. Alternatively GST composition scheme assures greater compliance without the requirement of maintaining records. This system was missing in Service Tax […]
Recently there was a major change in Composition Scheme which was beneficial to both traders and manufactures.Manufactures are treated at par with traders.And liability of tax also reduced on traders.Click on the below attachment for complete understanding of the scheme and notification which was issued earlier and the amended notification
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.
Composition scheme under the law is for small businesses. This is to bring relief to small businesses so that they need not be burdened with the compliance provisions under the law.
Rule 3(1) of CGST Rules: Any person who has been granted registration on a provisional basis under clause (b) of sub-rule (1) of rule 24 and who opts to pay tax under section 10, shall electronically file an intimation in FORM GST CMP-01, duly signed or verified through electronic verification code, on the common portal, […]
