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Mar 14, 2023 · Restaurants have options under GST to be a composition dealer or be a regular taxpayer. Each of it has its own pros and cons. This article elaborates the available options.
Dec 20, 2020 · 1. 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. 1.5 CR is eligible to be registered under the GST Composition Scheme.
May 23, 2024 · 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.
Feb 9, 2024 · As we all know, the composition scheme is an optional scheme available under GST. It is important to understand the relevant taxability to the fullest in order to decide whether to opt under the composition scheme or not? Here, let us understand the GST composition scheme relating to ‘Restaurant’ and ‘Hotel’ in detail hereunder-
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.
Sep 18, 2023 · The composition scheme under GST requires businesses to file GST returns on quarterly and annual basis. This is different where monthly GST return filing is mandatory. "Only two forms are to be filled by businesses under composition scheme of GST.
Jun 15, 2024 · The Composition Scheme is a straightforward and user-friendly arrangement within the GST framework designed to benefit taxpayers. It offers small-scale taxpayers the advantage of escaping the cumbersome GST procedures by enabling them to fulfill their GST obligations at a consistent rate based on their turnover.
