Goods and Services Tax : Understand eligibility, turnover limits, tax rates, and conditions for opting into GST Composition Scheme under Sections 10(1) and...
Goods and Services Tax : Step-by-step guide to file GST-4 annual return for composition taxpayers. Learn deadlines, penalties, and filing procedure with co...
CA, CS, CMA : Understand the difference between Regular and Composite GST dealers, their tax rates, compliance requirements, ITC eligibility, an...
Goods and Services Tax : Understand the GST Composition Scheme: eligibility, tax rates, invoicing, returns, RCM, and its pros and cons for small businesses...
Goods and Services Tax : Introduction The Goods and Services Tax (GST) in India offers a simplified tax compliance option known as the Composition Scheme, ...
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. ...
In GST, to give relief to the small traders from paying GST as per the rates specified and other compliance, they can pay GST on the gross turnover. Further taxpayer either opt for the composition scheme or pay GST by normal method.
There would always be a segment of taxpayers who would find it difficult to completely fulfill the compliance requirement of tax laws, may be due to their small size or nature of their operations. From the tax collector view-point also, the cost of collecting tax from such tax payers is far more in percentage terms […]
A Developer who opted for the said Composition Scheme was required to pay 1% composition amount in lieu of the tax, on the agreement (i.e. registered) value or the value determined for the purpose of payment of Stamp Duty, whichever is higher
Presently the SME manufacture has not liable to pay excise up to a turnover of RS 150 Lacks but in GST scenario he has to pay GST where his turnover has exceed the RS 20 lacks. The SME manufacture has face huge completion with the big player of the related market which has already has a reputed share of market demand, and a product who has a brand value.
GST contains a Composition Scheme as an option for a registered taxable person having specified turnover limit to pay tax at a lower rate with minimal compliance burden. Let us discuss the features of GST Composition scheme in upcoming paras.
1. The works contract (Including any transfer of property in goods in the execution of contract) related to immovable property shall be treatedas supply of service. Works contract as well as sale of under construction apartment shall be subjected to GST.
A registered dealer who under takes the construction of flats, dwelling or building or premises and agrees to transfer them in pursuance of an agreement or otherwise, along with land or interest underlying the land and where the aforesaid agreement,
Conditions for availing Composition Scheme- Aggregate turnover of the registered person during the preceding financial year should not exceed Rs. 50 Lakhs in a year. [Section 10(1)].
Validity of composition levy- (1) The option exercised by a registered person to pay tax under section 10 shall remain valid so long as he satisfies all the conditions mentioned in the said section and these rules.
1. Intimation of Composition Levy Rule 1(1) of draft GST Composition Rules provide that any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration. 16 and who opts to pay tax under section 10, shall electronically file an intimation in FORM GST CMP-01, duly signed, on the Common […]
