SAGAR Tax Consultancy

Income Tax Return Filing Documents

Registration company

Composition Scheme tax rates and Composition scheme limit under GST

A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so.

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TRAN-1 Filing Date

Major GST Composition Scheme Changes
Before we get into the pros and cons, let us summarise the major GST Composition Scheme changes:

1) Increase in Threshold Limit – Currently INR 1 Crore, proposed to be increased to INR 1.5 Crore
2) Service Providers allowed to avail the scheme – Now, not just restaurants, but all types of service providers can avail composition scheme. They can supply services up to INR 5 Lakhs per annum, which will be exempted from tax.
3) Suppliers of exempt supplies allowed to avail the scheme – Earlier, a supplier of exempt supplies was considered ineligible to avail the composition scheme, but now, a taxable person who is engaged in supply of exempt supplies, and meets all other eligibility conditions, will be allowed to opt for the composition scheme.
4) Rate of Tax – While the 5% specified for small restaurants continue, the rate for all traders and manufacturers has now been unified at 1%.
5) Only taxable supplies to be considered to calculate turnover – For traders, the rate of tax under composition scheme will be levied on the aggregate turnover, which only includes taxable supplies, and not exempt supplies.
6) Option to avail the scheme open till this Financial Year – Both migrated and new tax payers, will have the option to avail composition scheme till the 31st of March, 2018.

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SAGAR Tax Consultancy SAGAR TAX Consultancy was incorporated on 7th March, 2010 by one veterans from leading Tax Consultant & Accounting Firms of Gujarat. The Firm vision is to be...

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