Yahoo India Web Search

Sign In

Search results

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

    Mar 14, 2023 · GST composition scheme rules for. restaurants. Restaurants are required to pay GST at a concessional rate of 5% on the turnover under the composition scheme subject to the following restrictions. Turnover not to exceed Rs 1.5 Crores (Rs 1 Crore in case of special category States)

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

    6 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.

  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. 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).

  7. 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.

  8. www.indiafilings.com › learn › gst-compositionGST Composition Scheme: A Comprehensive Guide - IndiaFilings

    Aug 28, 2023 · 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.