Section 10 of the GST Act deals with the Composition Scheme, which is designed to help small taxpayers reduce the burden of GST compliance.
Under this scheme, eligible taxpayers can opt to pay GST at a lower rate on their turnover, instead of paying the regular GST rates. The eligible taxpayers are small businesses with an annual turnover of up to Rs. 1.5 crore.
The composition levy rate is a fixed percentage of the taxable turnover. Currently, the rate is 1% for manufacturers, 2.5% for restaurants, and 0.5% for other businesses.
Taxpayers who opt for the Composition Scheme are not required to maintain detailed records of purchases and sales, which simplifies their compliance requirements. However, they cannot claim input tax credit on their purchases.
It’s important to note that not all taxpayers are eligible for the Composition Scheme. For example, businesses engaged in inter-state supplies, e-commerce operators, and manufacturers of certain goods are not eligible.
In conclusion, the Composition Scheme under Section 10 of the GST Act is a simplified tax scheme designed for small taxpayers with an annual turnover of up to Rs. 1.5 crore. By opting for this scheme, eligible taxpayers can reduce their compliance burden and pay a lower rate of GST on their turnover.
Know the writer:
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