Yahoo India Web Search

Sign In

Search results

  1. cleartax.in › s › gst-composition-schemeGST Composition Scheme: Rules, Turnover Limit, Rate, Benefits

    5 days ago · Know about the GST composition scheme rate, rules, limit, benefits and how to check your eligibility. Read GST Composition Scheme in detail with its merits, demerits & transition provisions.

  2. cleartax.in › s › gst-composition-scheme-restaurantsRestaurants Under GST Composition Scheme - ClearTax

    • GST Rates on Restaurant Bills (with effect from 01.10.2019) S No. Type of Restaurants. GST Rate 1 Railways/IRCTC. 5% without ITC 2 Standalone restaurants. 5% without ITC.
    • GST Composition Scheme Rules. Restaurants are required to pay GST at a concessional rate of 5% on the turnover under Composition Scheme subject to following restrictions.
    • Regular Tax Payer V/s Composition dealer. Particulars. Regular Tax Payer. Composite Tax Payer. Registration. Threshold limit – Rs. 20L. 1.5 Cr.
    • Identify Restaurant under Composition Scheme. Restaurants opting for the composition scheme must mention the words “composition taxable person, not eligible to collect tax on supplies” on the top of the bill of supply.

  3. People also ask

  4. irisgst.com › composition-scheme-under-gst-forComposition Scheme under GST for Restaurant and Hotel Services

    • Registering for Composition Scheme by Restaurants: As the turnover limit of opting for composition scheme under GST is upto Rs. 1.5 CR, hence any restaurant whose annual turnover is upto Rs.
    • Restaurants that cannot register as Composite Taxpayers: A restaurant serving alcoholic liquor of any form cannot opt for the composition scheme. A restaurant having a place of business in different states.
    • Conditions for Restaurants opting Composition Scheme: Cannot collect GST from their customers nor can they issue a taxable Tax invoice under GST. Required to issue “Bill of Supply” mentioning “Composition Taxable Person” on the same.
    • GST Rate for Restaurant Services: Restaurants opting for Composition Scheme under GST are required to pay GST at a concessional rate of 5% on the annual turnover without the benefit of ITC.

  5. cleartax.in › s › composition-scheme-under-gstComposition Scheme Under GST Explained - ClearTax

    Feb 10, 2023 · Latest Updates on composition scheme. 6th February 2023. Composition taxable persons and those interested to opt into the scheme for FY 2023-24 can do so by submitting a declaration on the GST portal in Form CMP-02 by 31st March 2023. 5th July 2022.

  6. gsthero.com › gst-on-restaurant-services-hotelsGST on Restaurants & Hotels: Composition Scheme under GST

    Feb 9, 2024 · The restaurants opting under the composition scheme has to pay GST @ 5% as against 12% or 18%. The rate of GST payable under the normal scheme is much higher than the composition scheme. GST Return Filing. The second major point which tries to cover up the above drawback is the filing of GST return.

  7. taxguru.in › goods-and-service-tax › gst-compositionGST Composition Scheme for Restaurants - Tax Guru

    Aug 7, 2018 · 1%. Supplier of food & drinks (restaurant business) 2.5%. 2.5%. 5%. Service Providers. Supplier of services (Except supplier of food and non-alcoholic drinks) cannot opt composition scheme. Therefore, person engaged in supply of food and drinks (restaurant business) is required to pay GST at 5% (2.5 % CGST and 2.5% SGST).

  8. taxguru.in › goods-and-service-tax › compositionComposition Scheme-GST Rate & Threshold Limit under GST Law

    Aug 29, 2020 · Composition Scheme -GST Rate & Limit. [ Notification No. 08/2017 – Central Tax, dated 27.06.2017] Applicability Period: – These Rates are applicable from 01 July 2017 to 31st Dec 2017. Threshold Limit: – Rs. 75 lakhs (Rs. 50 Lakhs for Special Category Sate) from 01 st July 2017 to 13 th October, 2017. Type of Business.