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A Composition taxpayer may now file NIL statement in Form GST CMP-08 for a quarter, through an SMS, apart from filing it through online mode, on GST Portal. Composition scheme is specially designed for small taxpayers, to get rid of complex GST framework and compliances. Small registered taxpayers can pay tax at fixed rate on […]
Read moreGoods and Service Tax (GST) Regime is expensive for eating out in terms of taxes. For the purpose of GST on Restaurant Services, taxpayers have the option to opt either Normal scheme (Regular scheme) or the composition scheme. However, both the schemes have some conditions. Lets analyse through this article. Regular Scheme in GST Under […]
Read moreGSTR-4: Composition scheme is a scheme in which Government has given option to small taxpayers to opt for low compliance of Goods and Service Tax regime (GST) and lower rate of GST for composition taxpayers as compared to normal GST rates. GSTR 4 is the annual return for GST composition taxpayers. It is now available […]
Read moreMINISTRY OF FINANCE (Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)Notification No. 59/2020–Central Tax New Delhi, the 13th July, 2020 G.S.R. 443(E).—In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following […]
Read moreCompliance means adhering to rules and regulations. “If you think compliance is expensive, try non‐ compliance.” This article contains various compliance requirements including due dates of return filing under Income Tax Act, 1961 and Goods & Services Tax Act, 2017 (GST). Compliance Requirement Under Income Tax Act, 1961 Compliance Particulars Due Dates Revised Due […]
Read moreComposition scheme in Goods and Service Tax (GST) Regime is an easy and simple scheme introduced by the government for the small taxpayers so that they can get rid of complex formalities and pay tax at a fixed rate on turnover. The option for availing composition scheme is now available at GST Portal for the […]
Read moreA good step towards reducing the compliances for composition taxpayer. As discussed in 32nd GST council meeting held on 10th January 2019, composition taxpayer will be required to file one annual return and pay taxes quarterly in GST form CMP 08. GSTR-04 will be required to file annually. As per the Notification No. 20/2019 Central […]
Read moreWith the introduction of Goods and Service Tax, businesses are required to do new business compliances. However to lower the burden of compliance for small businesses, a composition scheme in GST has been introduced. Every person who crosses the threshold limit of turnover are required to take registration under GST. People get confused between regular […]
Read moreBy: Babatax / 2 Comments
Composition scheme: Any taxable person whose aggregate turnover in the preceding financial year is less than Rs. 1.5 Crores from April 1, 2019 (less than Rs. 75 lakhs for North Eastern States) can opt for a simplified GST composition scheme. In composition scheme under GST, tax will be payable at a concessional rate on the […]
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