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of <h1>GST Composition Levy Simplifies Tax for Small Businesses, Limits Inter-State Trade and Input Credit. Turnover Exceeds? Scheme Ends.</h1> The composition levy under GST is designed for small taxpayers with turnover up to Rs. 1.5 Crores (Rs. 75 lakhs for special category states) to simplify tax processes and reduce compliance costs. It allows eligible taxpayers to pay tax at a prescribed percentage of turnover quarterly, rather than at the normal rate. Benefits include easy compliance and simple annual returns, but disadvantages include restrictions on inter-state transactions, no input tax credit, and limitations on supplying non-taxable goods. If turnover exceeds limits, the scheme lapses, and improper use may incur penalties.
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