https://www.taxtmi.com/news?id=20944 Increase in composition and registration thresholds and simplified compliance were adopted: the turnover limit for the Composition Scheme for Goods is raised with Special Category States able to set limits; composition taxpayers will file one annual return with quarterly tax payments and a simple declaration. Suppliers of goods will face a two-tier exemption threshold for registration, while service providers' registration threshold remains lower with reduced limits in special category States. A Composition Scheme for Services is introduced for eligible service and mixed suppliers with a composite rate and the same simplified return/payment regimen. These measures are effective from the start of the next fiscal quarter. en-us Thu, 10 Jan 2019 18:23:54 +0530 Thu, 10 Jan 2019 18:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=20944 Increase in composition and registration thresholds and simplified compliance were adopted: the turnover limit for the Composition Scheme for Goods is raised with Special Category States able to set limits; composition taxpayers will file one annual return with quarterly tax payments and a simple declaration. Suppliers of goods will face a two-tier exemption threshold for registration, while service providers' registration threshold remains lower with reduced limits in special category States. A Composition Scheme for Services is introduced for eligible service and mixed suppliers with a composite rate and the same simplified return/payment regimen. These measures are effective from the start of the next fiscal quarter. News - Thu, 10 Jan 2019 18:23:54 +0530 https://www.taxtmi.com/news?id=20944