Composition Scheme Under GST

Every tax administration aims towards timely recovery of taxes, filing of returns, simplified generation and maintenance of records, invoices, and other documents. Such elements are often a challenge for many start-ups and Small and Medium Enterprises (SMEs) businesses. To overcome this shortcoming, a new regime has been introduced under GST law to be called as Composition Scheme. GST Composition Scheme is a voluntary and optional scheme available to a registered taxpayer who fulfils the terms and conditions prescribed for this scheme.

Under the scheme, a registered taxable person, whose aggregate turnover* does not exceed Rupees One crore Fifty lakh (Rupees Seventy Five lakh for the following states Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura and Uttarakhand) in the preceding financial year is eligible to opt this scheme.

GST rates applicable on composition dealer: Readmore..

Author: Pallavi Jain



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