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of <h1>GST Composition Levy: Simplified Tax Scheme for Small Businesses with Turnover Limits and Specific Eligibility Criteria</h1> The composition levy under GST is an optional tax scheme for small taxpayers with turnover up to a specified limit, simplifying compliance by allowing quarterly tax payments based on turnover. It applies to manufacturers, restaurant services, and other eligible suppliers, with tax rates ranging from 1% to 5%. Eligibility is restricted to businesses with turnover below 1 crore, except in certain states where the limit is 75 lakh. Service providers, except restaurants, are generally excluded. Participants cannot claim input tax credit or issue tax invoices. Quarterly returns are filed using Form GSTR-4, and various conditions and restrictions apply to maintain eligibility.
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