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 : Understand GST composition for bakeries. Learn if your bakery qualifies as a manufacturer (1% GST) or restaurant (5% GST), impacti...
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...
(i) Composition dealer can not avail the credit for the goods or services procured by him leads to cascading of taxes (ii) Additional Turnover Tax needs to be paid by composition assessee which is part of the cost of the composition supplier which is generally equivalent to the value addition for eg. if 1% is payable then value addition is charged on 10%.
Small taxable person supplying goods upto 75 lakhs per annum are eligible for composition scheme. [Option lapses if aggregate turnover exceeds Rs.75 lakhs]. They have to pay GST @ 2% in case of manufacturing & 1% in case of trader & 5% in case of food & drink service. Notified suppliers like manufacturer of Ice […]
Given the plethora of complicated compliances and annoying IT infrastructure, a great savior for small manufacturers, traders and restaurants comes through section 10 of CGST Act. The basic objective of such composition scheme is to bring simplicity and reduce compliance cost for small tax payers.
The concept of Composition scheme under GST regime is same as under current tax structure. Unlike under present tax structure, the provisions governing the Composition Scheme is altogether different. This scheme is basically designed for small dealers, for which maintaining records, making payments and filing returns is a cumbersome process and a bit costly affair.
While conceptualizing concept of GST, a 3600 view of business and economy was considered specially the nature of business and requirements of almost five crore Micro, Small and Medium Enterprises (MSMEs) and small traders who account for 25% of employment, 40% of industrial output and 45% of exports of the country. To boosting the cost competitiveness of MSMEs and small traders and for simple compliance, Composition scheme a simple and easy scheme was introduced. The scheme helps small taxpayers get rid of complex GST formalities and pay GST at a fixed rate of turnover.
Every registered person shall display his certificate of registration at his principal place of business and at every additional place or places of business. It is also required to display his GSTIN on the name board which should be exhibited at the entry of his principal place of business and at every additional place or places of business.
GST has become a great issue for small business men who used to get their simple VAT return filed in a quarter, but under this GST regime it is required to submit three returns per month. It’s something very unfair especially for the small retailers, which increases the accounting charges as well as professional fees […]
GST Composition Scheme is an option available to a registered taxpayer who needs to inform the tax authorities of his intention to be registered under the scheme. In case the registered taxpayer fails to comply with the same he would be treated a normal tax payer and administered accordingly. Such option needs to be for all business of the tax payers is both for goods as well as services
GST : Small Traders/Manufacturers/Restaurants can now opt for availing the Composition Scheme till September 30, 2017 You can now opt for availing the Composition Scheme till 30th September, 2017 and avail its benefits from 1st October, 2017. Those with annual turnover upto Rs. 75 Lakh* can opt for Composition Scheme in which case the tax […]
It has already been 2 and half months since GST is implemented. It has brought a panic among small retailers during its early implementation that no supplier will provide them goods if they are not registered under GST. So the small retailers who make their livelihoods by depending on their small shops also took GST registration even though their turnover was less than 20 lakhs.
