Composition Scheme in GST
GST Composition Scheme: Simplified Guide
The GST Composition Scheme offers small taxpayers an easier compliance route with lower tax rates and fewer filing requirements. Key points:
Eligibility: Turnover up to ₹1.5 crore.
Tax Rates: 1% for manufacturers/traders, 5% for restaurants.
Compliance: Quarterly returns (GSTR-4), annual return (GSTR-9A).
Conditions: No GST collection from customers, no input tax credit, and intra-state supply only.
Ideal for small businesses seeking simplified GST compliance.
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