21 March 2020
One person recent new registered composite scheme voluntary in gst act. My doubt: Dealer any maximum limit each quarter turnover and tax payble compulsory show in composite return rule in gst act.
21 March 2020
A taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. In case of special category states, the limit is Rs 75 lakh.
The following people cannot opt for the scheme-
Manufacturer of ice cream, pan masala, or tobacco A person making inter-state supplies A casual taxable person or a non-resident taxable person Businesses which supply goods through an e-commerce operator
Yes, tax payment is mandatory for Composite dealers for filing the return vide CMP-08.
14 June 2020
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore
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