Composite tax limit in gst act.

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The GST composite scheme allows small businesses with turnover under ₹1.5 crore (or ₹75 lakh in special category states) to opt for a simplified tax payment. While it reduces compliance, dealers must still pay tax and file returns like CMP-08 and GSTR-4 quarterly. Certain businesses, including manufacturers of specific goods and those making inter-state supplies, are ineligible for this scheme.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

21 March 2020 One person recent new registered composite scheme voluntary in gst act.
My doubt:
Dealer any maximum limit each quarter turnover and tax payble compulsory show in composite return rule in gst act.

Spurto Consultancy Services

Spurto Consultancy Services (Expert)

21 March 2020 A taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. In case of special category states, the limit is Rs 75 lakh.

The following people cannot opt for the scheme-

Manufacturer of ice cream, pan masala, or tobacco
A person making inter-state supplies
A casual taxable person or a non-resident taxable person
Businesses which supply goods through an e-commerce operator

Yes, tax payment is mandatory for Composite dealers for filing the return vide CMP-08.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

22 March 2020 composite dealers 4th quater(janu to march,20) cmp-08 or gstr4 return filed.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

14 June 2020 Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore

CMP-08 is to be filled....

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