Composition scheme: small registered persons may opt for a prescribed simplified tax regime with specified eligibility conditions. Introduces a composition option for small registered persons at a prescribed capped rate with specified exclusions and PAN-based opt-in restriction; clarifies aggregate turnover and turnover in State calculations to exclude certain exempt interest/discount receipts; mandates Aadhaar authentication or alternate identification for registration and permits Government notifications of exemptions; requires designated suppliers to offer prescribed electronic payment modes; adjusts return filing, payment timelines and grants authority to extend deadlines; allows transfers among electronic cash ledgers with matching transfers to central accounts; aligns Advance Ruling and appeal provisions with the National Appellate Authority and makes its rulings binding on applicants and same PAN registrants; and adds a profiteering penalty with a deposit-based waiver.
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Provisions expressly mentioned in the judgment/order text.
Composition scheme: small registered persons may opt for a prescribed simplified tax regime with specified eligibility conditions.
Introduces a composition option for small registered persons at a prescribed capped rate with specified exclusions and PAN-based opt-in restriction; clarifies aggregate turnover and turnover in State calculations to exclude certain exempt interest/discount receipts; mandates Aadhaar authentication or alternate identification for registration and permits Government notifications of exemptions; requires designated suppliers to offer prescribed electronic payment modes; adjusts return filing, payment timelines and grants authority to extend deadlines; allows transfers among electronic cash ledgers with matching transfers to central accounts; aligns Advance Ruling and appeal provisions with the National Appellate Authority and makes its rulings binding on applicants and same PAN registrants; and adds a profiteering penalty with a deposit-based waiver.
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