Composition Scheme in GST

[Kishan Barai]

What about minimum turn over requirement in GST for Composition Scheme ??

How to Practical apply for it , please guide step by step for gst.gov.in

AI Summary

GST Composition Scheme: Turnover Limits, Tax Rates, and Application Process Explained; Key Sections of CGST and SGST Acts Discussed. A discussion on the Goods and Services Tax (GST) Composition Scheme addresses queries about its turnover requirements and application process. Participants clarify that the maximum turnover limit for the scheme is 75 lakhs, beyond which a taxpayer must file regular returns. The scheme requires immediate GST payment from the first transaction, with no threshold exemption. Different tax rates apply: 1% for eligible suppliers, 2% for manufacturers, and 5% for restaurant services. Further guidance and practical application details are available on the CBEC website. The discussion includes references to relevant sections of the CGST and SGST Acts.