Businesses in India can apply for the GST Composition Scheme online through the GST portal to limit tax liability and enhance liquidity.
The extension in registration threshold limit, introduction and extension of composition scheme to service providers have been taken well by the taxpayers, which proved to be a significant relief measure for MSMEs. Moreover, offering speedy solutions to the MSMEs' issues, GoI has already constituted...
To keep you posted with all the recent GST developments, we have compiled them for your ease. You can read our Guide to All the Latest GST Advisories on Payments, e-Invoicing, Composition Scheme & Fake Summons for better understanding. Moreover, GSTN’s update on the Integration of E-...
Small businesses with turnovers up to Rs.1.5 crore can opt for a composition scheme. Through this scheme, such businesses can opt for fixed tax rates instead of a regular GST rate. It is indeed a very simple and easy scheme introduced by the government of India for the benefit of small ...
For Composition Taxpayers, ‘Bill of Supply’ is created for which the above steps are equally applicable. The only difference: GST Tax cannot be charged in a Bill of Supply. The Tax Invoice and Bill of Supply have been explained below. You can also calculate GST using Razorpay’s Online ...
If a taxpayer selects the composition plan, they are required to submit GSTR-4. What does it mean by GSTR 10? GSTR 10 must be submitted three months after the cancellation or order date, whichever comes first. For example, if the cancellation date is April 1, 2022, and the cancellatio...
The composition system provides relief from tax responsibilities for small enterprises. Small firms with annual revenues of between₹ 20 lakhsand₹ 50 lakhswould pay fewer taxes. Conclusion Managing a business is a huge responsibility, and you can't afford to squander effort on hand calculation....
Penalty for opting for composition scheme even though the business is not eligibleIn case of fraud (Section 74), a penalty of 100% of the tax due or Rs 10,000 whichever is higher will apply In case of no fraud, a penalty of 10% of the tax due or Rs 10,000 whichever is higher wi...
Q.25 Can a dealer opt for a composition scheme if he has old stock of inter state purchase? Q.26 How to obtain input tax credit in GST if GSTN number is not mentioned on the invoice? Q.27 Is there any provision to claim input tax credit and depreciation, if the office furniture an...
* Service provider cannot opt for Composition scheme.Since tax is one of the major source of revenue for the Government if composition scheme allowed for every registered dealer then the revenue to the Govt will be at stake and hence the scheme is made available for only specific businesses. ...