https://www.taxtmi.com/article/detailed?id=6994 The composition scheme under GST is a registration based simplified option allowing small taxpayers to pay tax at a prescribed concessional rate in lieu of full tax, subject to GST Council recommendations, prescribed conditions, and prior permission of the proper officer. Eligibility is limited by a turnover threshold and excludes persons making inter state supplies; the scheme is PAN based, bars tax collection from recipients, disallows input tax credit, retains reverse charge obligations, and requires quarterly payment and return filing. Wrongful availing attracts differential tax, equal penalty and interest, after opportunity of hearing. en-us Sat, 17 Sep 2016 10:41:29 +0530 Sat, 17 Sep 2016 10:41:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6994 The composition scheme under GST is a registration based simplified option allowing small taxpayers to pay tax at a prescribed concessional rate in lieu of full tax, subject to GST Council recommendations, prescribed conditions, and prior permission of the proper officer. Eligibility is limited by a turnover threshold and excludes persons making inter state supplies; the scheme is PAN based, bars tax collection from recipients, disallows input tax credit, retains reverse charge obligations, and requires quarterly payment and return filing. Wrongful availing attracts differential tax, equal penalty and interest, after opportunity of hearing. Articles Goods and Services Tax - GST Sat, 17 Sep 2016 10:41:29 +0530 https://www.taxtmi.com/article/detailed?id=6994