gst composition scheme

Composition Levy Composition dealer is a taxpayer who is given relaxation from maintaining, reconciling, recording of output and input tax. In other words, he is the one who could not pass on the tax burden to the ultimate consumers. To reduce the compliance cost and compliance burden, the Government has categorically put such taxpayers under composition levy. A composition dealer is a person who runs the business with limitations such as: No movement of goods outside the state in wh..

The CBIC has extended the due dates for opting in for the composition scheme. The GST portal issued an advisory regarding opting for composition for 2020-21. The notice said that, " The taxpayers SHOULD NOT file any GSTR-1/GSTR-3B, for any tax period of FY 2020-21, from any of the GSTIN on the associated PAN, or else they will not be able to opt for composition scheme for FY 2020-21". Here is the official notice: Advisory on Opting-in for Composition Scheme for 2020-21 - Extens..

GST registration enables 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 it in detail. GST Composition Scheme Any registered person under the GST has an option to choose this tax-paying scheme. It allows the taxpayer to pay the tax on supplies at a f..