Understanding composition scheme under GST

Shrijay Sheth | Last updated: 17 August 2020

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The GST Composition Scheme offers a simplified tax payment option for small registered taxpayers. It allows businesses to pay tax at a fixed rate on their supplies, reducing compliance burdens like record-keeping and invoice issuance. Eligibility is generally based on an aggregate turnover of up to Rs. 1.5 crore, with specific rates for manufacturers, restaurants, and other service providers.

GST registrationenables small taxpayers to either pay the Goods Service Tax under composition scheme or a regular scheme. Most of our CAs at LegalWiz.in are receiving some questions on how different it is to pay tax under the regular scheme via a composition scheme. Let's understand

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About the Author

Shrijay Sheth

Co-Founder

Shrijay is a co-founder at a leading LegaTechstart-up LegalWiz.in, providing simple and affordable solutions to startups, SMEs and individuals. LegalWiz.in helps in Trademark Registration, Starting a Private Limited Companyand LLP, Legal Compliances, and Document Drafting.

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