our minister said gst means you should only pay tax on your selling profit only but here for below 75lac turnover means below middle class business only. but for this who doing business "below 75lac why not charging 1% tax on only selling profit only" instead of this your charging 1% on total turnover and this is very effect for middle class peoples. for those who can make turnover above 75lac they have best facility without this problem.
You have opted composition scheme, that's why you have to pay 1% on turnover. You have got many benefits from those who are required to pay tax on profit. These are: 1.minimum maintenance of books and accounts 2.quaterly return. Those who are paying tax on profit, they have to file returns per month.
If you want to pay tax on profit instead of turnover, then don't opt for composition scheme.
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CAclubindia
