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. ...
PART A-Composition Scheme What is the composition scheme Who is eligible to avail composition scheme Category of persons excluded from the Scheme Composition rates and computation of tax Procedure to be followed Part B- Accounts and records Accounts and records to be maintained Period for which to be retained Composition levy is an option for […]
The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs. The purpose and objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers.
Section 10 of Central Good and Service Tax Act, 2017 introduced the concept of Composition Scheme. This facility can be availed by any supplier of goods as well as services. One major point to be understood about this scheme is that it is an option provided to registered taxpayers already registered under the Act.
SRO 279 .- In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 10 of the Jammu and Kashmir Goods and Services Tax Act, 2017 (hereinafter referred to as the said Act) the State Government, on the recommendations of the Council
Taxation system of any kind requires several compliances which need to be adhere by the taxpayers to ensure fulfillment of all statutory provisions. Provisions include timely payment of taxes, filing of returns and maintaining prescribed records are essential for complying under taxation system.
Section 10 of CGST act provides for a simplified composition scheme. This composition scheme would be available for business units whose aggregate turnover of supply of goods in a financial year does not exceed Rs. 75 lakhs. (GST Council meeting on 11-06-2017).
Q.1 What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost […]
overnor of the National Capital Territory of Delhi, on the recommendations of the Council, hereby prescribes that an eligible registered person, whose aggregate turnover in the preceding financial year did not exceed seventy five lakh rupees, may opt to pay, in lieu of the tax payable by him, an amount calculated at the rate of,––
Before learning the benefits of composition scheme of GST India Online, it’s important to know about it. Under the section 10 of GST law, there is a provision that states only those need to register under the GST composition scheme whose annual business turnover is less than fifty lakhs.
This scheme would be available only to certain eligible taxable persons. This scheme is specifically introduced by government to give relief to the small businessman. The best part of this scheme is that this Scheme will be applicable for all goods however not applicable on Services except restaurant service provider.
