<h1>Five Lakh Businesses Choose GST Composition Scheme for Simpler Tax Compliance and Lower Rates.</h1> Five lakh businesses have opted for the GST composition scheme, which offers a simplified tax compliance process at a concessional rate. As of July 25, around 71 lakh existing excise, service tax, and VAT assessees have transitioned to the GST Network, along with 12 lakh new registrations. The composition scheme targets small taxpayers with a turnover up to Rs. 75 lakh, or Rs. 50 lakh in certain states, allowing them to pay reduced tax rates: 2% for manufacturers, 5% for restaurant services, and 1% for traders. This scheme simplifies compliance by requiring quarterly tax payments and fewer record-keeping obligations.