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    • Simplifies compliance and reduces tax rates

      • Both the regular and composition GST schemes offer unique advantages and disadvantages. The regular scheme provides flexibility and the ability to claim input tax credits but requires more stringent compliance. The composition scheme simplifies compliance and reduces tax rates, making it suitable for small businesses but with certain limitations.
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      Differences Between Regular and Composition GST Schemes

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  3. taxguru.in › normal-composition-scheme-gstNormal Vs Composition Scheme under GST - Tax Guru

    Sep 27, 2017 · Let us discuss in this article comparison between Normal Scheme and Composition Scheme. Registration: In the normal case registration is required once threshold limit of Rs 20 L (Rs 10 L in case of Special Category States) crosses as per Sec 22 of CGST Act.

  4. eztax.in › gst › composite-gst-regular-gstDifference between Composite GST and Regular GST | EZTax®

    • What Is Composition GST Scheme ?
    • Advantages of Composition Scheme
    • Dis-Advantages of Composition Scheme
    • What Is Regular GST Or Normal Scheme?
    • Business Eligible to Opt For Composition Scheme
    • How to Switch from A Regular GST to Composition GST ?

    The composition scheme is an alternative method for levy of GST. It is designed for small business whose turnover is up to prescribed limit. Initially the composition scheme was designed for supplier of goods and restaurant services. But subsequently , composition scheme was extended to service providers upto certain threshold. Composition scheme i...

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    Lower Rates of Tax (1%, 2%, 5%, 6%)
    High Liquidity
    Less and Easy Compliance as no accounts and records to be maintained.
    Simple calculation of tax based on the turnover.

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    Cannot make Inter-State sales which effects the business reach.
    Cannot collect the GST from customers.
    Cannot claim Input Tax Credit on purchases.

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    Regular GST is a one type of registration under GST. Every supplier of goods or services or both is required to obtain registration in the state or union territory from where he makes the taxable s...
    In a fiscal year, the threshold limit for GST registration is Rs 20 lakhs / 40 lakhs. However, in certain states, the registration fee is reduced to Rs 10 lakhs Refer GST Registration Thresholds &...
    The taxpayers registered under regular GST are required to pay taxes on monthly basis and file returns on quarterly basis up to turnover of Rs 5 crores and pay taxes and file returns on monthly bas...

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    The following business are eligible to opt for composition scheme if their turnover is within the limit of Rs 1.5 crore/ 75 lakhs (specified states), 50 lakhs for services 1. Restaurants 2. Trader of Goods 3. Manufacturer of Goods 4. Shop Keeper 5. Fruits and Vegetable Vendors 6. Service Providers 7. Repairs shop 8. Salons 9. Tailors 10. Artists

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    Form for opting into Composition Scheme: the taxpayers are required to file CMP-02 for opting into composition scheme. The scheme will be effective from 01/04/2020.
    Due Date: The due date for conversion of regular GST to Composition GST is 31st March every year. The window for conversion will be opened in the month of Feb-March every year
    Important: The taxpayers who were regular taxpayers in previous Financial Year but are opting into composition scheme for 2020-21 should file ITC-03 for reversal of ITC credit on Stocks of Inputs,...

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  6. adca.in › blog › differences-between-regular-andDifferences Between Regular and Composition GST Schemes

    Under the Goods and Services Tax (GST) system in India, businesses can choose between two different methods of tax payment and compliance: the regular scheme and the composition scheme. Understanding the key differences between these schemes is crucial for businesses to make informed decisions that best suit their operations and compliance ...

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

    May 28, 2024 · You can opt to switch between the composition scheme and the normal scheme based on your turnover. However, you will have to keep in mind that this will affect the way you issue invoices and file your returns.

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

    Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*.

  9. www.captainbiz.com › blogs › understanding-gstGST Composition Scheme vs. Regular Scheme - CaptainBiz

    Dec 19, 2023 · Composition GST Scheme. Definition. A regular scheme for GST refers to a tax mechanism where a taxpayer is liable for collecting and paying GST on the value of supplied goods and services. The Composition scheme for GST is created for small registered business owners.

  10. busy.in › gst › differences-between-regular-andDifferences Between Regular and Composite GST Scheme

    The primary difference between the GST Regular and Composition schemes is the compliance burden and tax rate. Regular GST requires monthly returns and input tax credit, while the Composition Scheme offers quarterly returns with a simplified tax rate but restricts input tax credit.