Menu
Section 10 of Central Goods and Services Tax Act, 2017
Rule 62 of Central Goods and Services Tax Rules, 2017
Composition Scheme is available for any taxpayer with a turnover below Rs. 1.5 crore, who can choose to opt for it. The limit is Rs. 75 lacs for a taxpayer who wants to opt for composition scheme and resides in North eastern states and Himachal Pradesh. A composition dealer is allowed to provide services up to a maximum of ten percent of their turnover or Rs. 5 lakhs, whichever amount is higher.
A person who wishes to opt for the scheme needs to file GST CMP-02 with the government. The scheme is not available for the following:
The advantages of registering under a composition scheme for a taxpayer is lesser number of compliances and limited tax liability.
Essentials for opting for a composition scheme:
Returns to be filed by a Composition Tax Payer:
Name of Return |
Details |
Due Date for Filing |
Periodicity |
|---|---|---|---|
Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article.