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"What is the scope of composition scheme under GST?"

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Ankush Singh asked almost 2 years ago

"What is the scope of composition scheme under GST?"

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Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered almost 2 years ago

"Dear Friend, as far as your query is concerned let me informed regarding your query that "Small taxpayers with an aggregate turnover in a financial year up to [Rs. 50 lakhs] shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover during the year without the benefit of ITC. The floor rate of tax for CGST and SGST shall not be less than [1%]. A tax payer opting for composition levy shall not collect any tax from his customers. Tax payers making inter- state supplies or paying tax on reverse charge basis shall not be eligible for composition scheme." Hope answer regarging your query was helpful to you. Also let me know your further query. Regards, Arjun Pratap Singh"

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