With pretty much one lakh of 70 lakh organizations choosing GST Composition Scheme, the government is reviewing why the scheme that allowed such entities to pay a hard and fast 1-5 cent tax, has no longer clicked.
Senior authorities legit said the important Board of Excise and Customs (CBEC) is making an attempt to ascertain the reasons for agencies now not choosing the Composition Scheme that became particularly designed to ease the compliance burden of small traders.
The composition scheme is designed for small traders whose turnover is less than 75 lakh per year. Any business entity that is not doing any inter-state transaction and only transacts business within the state can opt for this scheme.
As reported in the Economic Times
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