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GST INFORMATION SERIES – 2 | Salient features of the composition scheme
Salient features of the composition scheme:
- Small businesses can avail of the composition scheme, subject to certain conditions, wherein only a quarterly return needs to be filed in a simple form and tax has to be paid on total turnover at a nominal rate. Compliance with the rules of this scheme is extremely easy.
- Composition scheme is available to taxpayers having annual aggregate turnover of upto 1 Crore.
- Uniform rate of tax @ 1% under composition scheme for manufacturers and traders. Tax to be paid only on the taxable turnover for traders. The applicable rate on restaurant services is 5%.
- A person eligible for composition scheme also supplying exempt services including services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, would not become ineligible for the composition scheme. Further, for computing the aggregate turnover for eligibility for the scheme, the turnover of exempted services, including services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, supplied by a taxpayer will not be included.For more information click here @ http://www.speakwellspokenenglish.com/
Source (www.cbix.gov.in)
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