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
The taxpayer can apply for composition if the previous year’s turnover is less than 1.5 crore rupees of goods supply. Similarly, for services and goods as a mixture supply, the limit is 50 lakh rupees. more
The last date to opt for the composition scheme under GST is 31st March 2021. Therefore, in order to supply the goods or services in FY 2021-2022, the taxpayer must apply before the last day runs out. more
The CGST Rule 3, 4, 5, 6 & 7 deals with Composition Scheme rules in India. Check out the dates, validity, rates of the composition scheme. more
The GST council says 5% is tax to be paid without availing the input tax benefit. Hence, one need to see how the GST on real estate transactions will impact the price of houses and other constructions. more