https://www.taxtmi.com/article/detailed?id=7357 Composition levy allows a registered person below the aggregate turnover threshold to elect simplified tax at prescribed rates instead of regular GST, subject to reverse-charge exceptions; eligibility excludes specified services, inter-State supplies, supplies via specified e-commerce operators and notified manufacturers, and requires compliance with stock-origin and inward-supply conditions. The option lapses on exceeding the turnover threshold, the opting person cannot collect tax nor claim input tax credit, and statutory rules prescribe electronic intimation, stock statements, withdrawal/denial procedures, and penalty and assessment consequences for ineligible composition payment. en-us Thu, 06 Apr 2017 07:21:32 +0530 Thu, 06 Apr 2017 07:21:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7357 Composition levy allows a registered person below the aggregate turnover threshold to elect simplified tax at prescribed rates instead of regular GST, subject to reverse-charge exceptions; eligibility excludes specified services, inter-State supplies, supplies via specified e-commerce operators and notified manufacturers, and requires compliance with stock-origin and inward-supply conditions. The option lapses on exceeding the turnover threshold, the opting person cannot collect tax nor claim input tax credit, and statutory rules prescribe electronic intimation, stock statements, withdrawal/denial procedures, and penalty and assessment consequences for ineligible composition payment. Articles Goods and Services Tax - GST Thu, 06 Apr 2017 07:21:32 +0530 https://www.taxtmi.com/article/detailed?id=7357