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of <h1>GST Compounding Scheme: Simplified Tax Compliance for Small Traders with Turnover Below 50 Lakhs, 0.5% Floor Tax Rate</h1> The composition and compounding scheme under GST is designed to support small traders and small-scale industries. It includes an upper ceiling on gross annual turnover and a floor tax rate. Specifically, there is a compounding cut-off at 50 lakhs of gross annual turnover, with a floor tax rate of 0.5% applicable across all States. Dealers with a turnover below the compounding cut-off have the option to register for GST. This scheme aims to simplify tax compliance for smaller businesses by offering a streamlined tax process.
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