Tag Archives: GST composition scheme

GST composition scheme

Composition scheme- A way to simplify ‘self-assessed’ GST return

Composition scheme is an alternative, simple & hassle free compliance scheme for small taxpayers with minimal procedures. Under this scheme, a taxpayer would be required to pay tax on the turnover based on prescribed percentage as the tax rate is comparatively low than those prescribed for normal taxpayers. The threshold limit of composition scheme extended from INR 1 crore to INR 1.5 crore which  shall also include 10% provision of normal taxpayer annual turnover within the composition scheme if in case the given 10% is provided as the service. The illuminating feature of this scheme is that the business or … Read more