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

    Composition Scheme under GST is a simple option for small taxpayers to pay GST at a fixed rate if their turnover is less than Rs. 1.5 crore. To opt-in, filers can use Form CMP-02 by March 31. Some updates include Budget 2023 amendments and due dates extensions.

  3. taxguru.in › gst-composition-levyComposition Levy under GST- Detailed Analysis - Tax Guru

    • Limit under GST Composition Scheme. As per Section 10(1) of CGST Act, 2017 A registered person whose aggregate turnover in the previous financial year did not exceed 1.5 crore (As amended by the Notification No. 14/2019 – Central Tax New Delhi, the 7th March, 2019.)
    • What is Aggregate Turnover. As per section 2(6) of CGST Act 2017, “Aggregate Turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable on reverse charge basis), exempt supplies, export of goods or services or both and interstate supplies of persons having the same PAN to be computed on all India basis but excludes (CGST,SGST,UTT,IGST,CESS).
    • Supply of services under Composition Scheme : The composition scheme is not available to supplier of services, except supply of food for human consumption.
    • Persons not entitled to avail Composition Scheme. (a) A taxable person is engaged in making any supply of goods which are not leviable to tax under this act.

  4. taxguru.in › composition-levy-scheme-gstComposition Levy Scheme in GST- All You want to Know - Tax Guru

    Nov 16, 2023 · Composition Levy scheme has been made available for suppliers of services (to those who are otherwise not eligible under Section 10 (1) of the CGST Act) with a tax rate of 6% (3% CGST + 3% SGST) having an Aggregate Annual Turnover in the preceding FY up to R 50 Lakh.

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  6. cbic-gst.gov.in › faq-composition-levy-revisedFrequently Asked Questions on Composition Levy

    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 for the small taxpayers.

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

    May 28, 2024 · Who is eligible for the GST composition scheme? Businesses with an annual aggregate turnover up to Rs.1.5 crore can opt into the composition scheme. The turnover of all businesses with the same PAN has to be added up to calculate the turnover for the purpose of the composition scheme.

  8. economictimes.indiatimes.com › wealth › taxDeadline for opting GST Composition Scheme for FY 2024-25 is ...

    Mar 16, 2024 · Goods and Services Tax (GST): If you are GST registered and wish to apply for GST Composition scheme for FY 2024-25, then the last date to apply is March 31, 2024. All you need to do is login to the GST portal and go to 'Application to opt for Composition Levy' under Registration tab.

  9. taxguru.in › goods-and-service-tax › gst-compositionGST Composition Scheme: Eligibility, Switching and Compliance

    Mar 2, 2024 · Composition Scheme under the GST framework presents a simplified tax regime designed for small manufacturers, traders, and retailers aiming to reduce compliance burdens and tax liabilities.