https://www.taxtmi.com/news?id=18353 The composition scheme permits eligible small taxpayers (manufacturers, goods traders, restaurants) to pay GST at a low turnover-based rate subject to an aggregate turnover threshold across all units under one PAN; exclusions include most service suppliers, inter-state suppliers, notified goods manufacturers, casual/non-resident taxpayers, and those exceeding the threshold. Composition taxpayers cannot collect tax or claim input tax credit, must pay tax on purchases from unregistered persons and reverse-charge supplies, opt using Form CMP-04, file quarterly returns, and maintain records (electronic or manual) for six years, with audit requirements where turnover exceeds the prescribed limit. en-us Sat, 08 Jul 2017 14:52:06 +0530 Wed, 11 Feb 2026 15:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18353 The composition scheme permits eligible small taxpayers (manufacturers, goods traders, restaurants) to pay GST at a low turnover-based rate subject to an aggregate turnover threshold across all units under one PAN; exclusions include most service suppliers, inter-state suppliers, notified goods manufacturers, casual/non-resident taxpayers, and those exceeding the threshold. Composition taxpayers cannot collect tax or claim input tax credit, must pay tax on purchases from unregistered persons and reverse-charge supplies, opt using Form CMP-04, file quarterly returns, and maintain records (electronic or manual) for six years, with audit requirements where turnover exceeds the prescribed limit. News - Sat, 08 Jul 2017 14:52:06 +0530 https://www.taxtmi.com/news?id=18353