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of <h1>GST Composition Scheme: Simplified Tax for Small Businesses with Turnover Under 75 Lakh, Excludes Most Service Providers</h1> The Composition Scheme under the GST framework offers a simplified tax compliance option for small and medium taxable entities, excluding most service providers, with an annual turnover not exceeding 75 lakh. It allows eligible businesses to pay tax at a fixed percentage of their gross turnover. The scheme is not available to manufacturers of certain goods like ice cream, pan masala, and tobacco products. Restrictions include the prohibition of inter-state supplies and e-commerce sales through operators collecting tax at source. Participants must issue a Bill of Supply instead of a tax invoice and comply with reverse charge provisions for unregistered procurements.
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