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Nov 4, 2024 · A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh. As per the CGST (Amendment) Act, 2018, a composition dealer can also supply services to an extent of ten percent of turnover, or Rs.5 lakhs, whichever is higher.
Learn about the composition levy, an optional method of tax payment for small taxpayers with turnover up to Rs. 75 lakhs or Rs. 50 lakhs in some States. Find out the eligibility, rate, compliance, and withdrawal rules for the scheme.
May 28, 2024 · 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.
Aug 29, 2020 · Learn about the composition scheme for small taxpayers under GST, which allows them to pay a lower tax rate based on their aggregate turnover. Find out the current threshold limit, the composition rate, and the eligibility criteria for different states and categories of suppliers.
Sep 30, 2024 · Learn about the simplified GST tax-paying mechanism for small businesses with turnover up to ₹1.5 crore for goods and ₹50 lakh for services. Find out the eligibility, conditions, features, rates, forms, and how to opt for the composition scheme.
May 10, 2020 · Learn about the composition scheme under GST for businesses with aggregate turnover of up to Rs. 1.5 crore or Rs. 50 lakh for services. Find out the eligibility criteria, conditions, tax rates, returns, penalty and bill of supply for composition dealers.
Sep 11, 2023 · The GST composition scheme is a simplified tax-paying mechanism for small businesses with a turnover limit of up to Rs. 1.5 crore. It offers reduced paperwork, lower tax liability, and quarterly payment, but also excludes input tax credit and some categories of goods and services.
3 days ago · Business should be registered under the Composition Scheme. A business’ aggregate annual turnover should not be more than Rs. 1.5 Crore (for special category of states, aggregate annual turnover limit reduces to Rs 75 lakh) Have to maintain a record of all the purchases from quarter to quarter.
Dec 17, 2021 · The GST Council has decided that following Special Category States will have a Rs. 75 Lakhs turnover limit for Composition Levy for CGST and SGST purpose. Composition Scheme limit under GST: General Restrictions. As part of GST composition scheme, taxpayers must: Not collect GST.
The turnover limit for the Composition Scheme typically ranges from ₹20 lakhs to ₹1.5 crores, depending on the state. Tax Rates Under Composition Scheme. Businesses under this scheme pay tax at a fixed rate based on their turnover: Manufacturers, traders: 1% of turnover. Restaurants: 5% of turnover. Service providers cannot opt for this scheme.
