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Feb 10, 2023 · The composition scheme under GST was initially for suppliers of goods, and now it's been extended to service providers with an aggregate turnover up to Rs. 50 lakh. This scheme allows a flat nominal tax rate for eligible taxpayers.
Aug 22, 2019 · Conditions/Restrictions under composition scheme for service providers. (i) A service provider (or mixed supplier) registered under composition scheme should not be engaged in making any supply of goods which are not leviable to tax under the GST laws. [Section 10 (2) of CGST Act, 2017].
May 28, 2024 · In this article, we have addressed some of the basic queries around Composition Scheme under Goods and Services Tax Law. 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 ...
Nov 4, 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.
May 15, 2021 · The registered taxpayers rendering services or supplying goods and services both can opt for composition scheme under GST from 1st April 2019 having an aggregate turnover up to Rs. 50 Lakhs in the preceding year.
Oct 11, 2021 · Composition Scheme is uncomplicated and simple scheme under GST for small taxpayer. They can get relaxation from monotonous GST formalities and can also pay tax at a fixed rate of Turnover. This scheme is only applicable to those whose turnover is not exceeding Rs. 1.5 Crores.
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.
