Composition levy offers simplified turnover-based tax with quarterly compliance and no input tax credit, subject to eligibility limits and restrictions. Composition levy is an optional simplified turnover-tax regime for eligible small taxpayers permitting payment of tax at prescribed rates on quarterly basis and filing of GSTR-4. Eligibility depends on aggregate turnover thresholds (with lower limits for special category States) and excludes specified suppliers and notified goods; composition taxpayers cannot claim input tax credit and buyers cannot claim credit on purchases from composition dealers. Opting in, withdrawal, and denial follow prescribed electronic intimations and forms, with required reversal/payment of attributable input tax credit on stocks and capital goods and administrative show-cause and order mechanisms.
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Provisions expressly mentioned in the judgment/order text.
Composition levy offers simplified turnover-based tax with quarterly compliance and no input tax credit, subject to eligibility limits and restrictions.
Composition levy is an optional simplified turnover-tax regime for eligible small taxpayers permitting payment of tax at prescribed rates on quarterly basis and filing of GSTR-4. Eligibility depends on aggregate turnover thresholds (with lower limits for special category States) and excludes specified suppliers and notified goods; composition taxpayers cannot claim input tax credit and buyers cannot claim credit on purchases from composition dealers. Opting in, withdrawal, and denial follow prescribed electronic intimations and forms, with required reversal/payment of attributable input tax credit on stocks and capital goods and administrative show-cause and order mechanisms.
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