Composite scheme

[Anujit Bhowmik]

Is there a composite scheme for service sector, we are into ship repairs and compete with ship repairers from Singapore, due to high 18% tax we fail to get repair jobs to INDIA from the South East.

AI Summary

Government Considers Extending GST Composition Scheme to Ship Repair Services Amid Calls for Tax Reform A query was raised regarding the applicability of a composite scheme under the Goods and Services Tax (GST) for the service sector, specifically ship repair services, which face competition from Singapore due to a high 18% tax rate. Responses clarified that currently, only restaurant services are covered under the composition scheme, but the government may extend it to more services. Suggestions included raising the tax exemption threshold for service providers and encouraging the GST Council to consider these changes. The government is reportedly working on simplifying the law, and notifications are anticipated.