All That You Must Know About GST Composition Scheme
All That You Must Know About GST Composition Scheme GST has been a game changer and its implementation has been quite beneficial. And there is more good news for taxpayers under the composition scheme from the next financial year. With an increase in the turnover limit for applicability, the inclusion of service providers and lower tax rates, there are more relaxed rules to look forward to. What is GST Composition Scheme? GST Composition Scheme is an alternative method to impose a tax under GST for simplification of compliance and lower compliance costs for small taxpayers. Under this scheme, a person or business who opted to pay tax under GST can pay tax at a flat percentage of turnover in each quarter, instead of paying tax on normal rate monthly. For whom this scheme is applicable? GST Composition Scheme is applicable to the following: Traders or manufacturers or person whose taxable business turnover is about Rs.1.5 crore (With exception of Rs. 75 Lakh for NE sta