GST FAQs on Composition Scheme

GST FAQs on Composition Scheme

Our second part in the GST FAQs series deals with the Composition Scheme which was introduced under the Goods and Services Act keeping the best interests of small businesses in mind. SMEs often face the challenges of maintaining various compliances with the statutory bodies of the country in a timely manner. Composition Scheme permits the taxpayer […]

Reduced Liability of Tax on complex, building, flat etc. under GST

reduced liability of tax

The Finance Ministry has issued the following clarification regarding the reduced liability of tax complex, building, flat etc. under the Goods and Services Tax on 15th June 2017: The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction […]

What is Composition Scheme Under GST Act 2017?

Composition Scheme Under GST

Composition Scheme under GST Act is a provision where a registered taxable person, whose aggregate turnover in the preceding financial year does not exceed Rs. 50 lakh, to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not more than 2.5% in the case […]

The most frequent problems that business owners face are to do with accounting & regulatory compliance. Entrepreneurs view time invested in doing both as unproductive time.

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