Composition Scheme Under GST

GST  Composition Scheme Introduction Composition scheme under the law is for small businesses. This is to bring relief to small businesses so that they need not be burdened with the compliance provisions under the law. Thus, an option has been provided where they can opt to pay a fixed percentage of turnover as fees in lieu of tax and be relieved from the detailed compliance of the provisions of law. Composition levy would be generally opted by persons who are supplying goods & services or both to the end consumer. *CBIC has notified the increase to the threshold limit from Rs 1.0 Crore to Rs. 1.5 Crores. GST Composition Scheme Eligibility GST Composition Scheme Rules GST Composition Scheme Last Date for Applying GST Composition Scheme Billing GST Composition Scheme Eligibility Turnover Limit for GST Composition Scheme A taxpayer whose turnover is below Rs 1.0 crore* can opt for Comp...