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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 28, 2024 · The article provides updates on the Goods and Services Tax Law composition scheme, eligibility criteria, benefits, and disadvantages. It also explains how to calculate aggregate turnover, applicable tax rates, effective date, record-keeping, and other relevant details about the composition scheme.
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.
Aug 29, 2020 · The CBIC has notified a New Scheme in GST vide Notification No. 2/2019-Central Tax (Rate), dated March 7, 2019 in which a tax payer has been allowed to pay GST on a presumptive basis at the rate of 6% (3% CGST and 3% SGST/UTGST).
May 10, 2020 · The composition scheme under GST is currently applicable to businesses with aggregate turnover of Rs. 1.5 crores or less (lower limit is applicable in case of special category states). Composition Scheme is a simple and easy scheme .
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.
Oct 14, 2024 · GST Composition Scheme in detail with its eligibility criteria, merits, demerits & transition provisions. Rate of tax under GST, GST compliance.
Jun 10, 2021 · Composition Scheme Rules under GST cover procedural compliance such as intimation, effective date, conditions, restrictions, validity, and tax rates. Updates include extensions for GSTR-4 and CMP-08 filing due dates.
Sep 30, 2024 · The composition scheme is a simplified GST tax-paying mechanism for small businesses whose aggregate turnover does not exceed ₹1.5 crore for suppliers of goods or ₹50 lakh for suppliers of services in the preceding financial year. It lowers your compliance burden by enabling a reduced tax rate of 1% to 6% based on your business type.
Jun 15, 2024 · Small businesses with an annual combined turnover of up to Rs. 1.5 crore have the option to avail of the GST composition scheme. To ascertain eligibility, the aggregate turnover of all entities sharing the same PAN is aggregated for composition scheme calculation. Eligible Categories and Special Provisions.
