https://www.taxtmi.com/forum/issue?id=114668 Amendments permit composition registration for taxpayers with turnover below the prescribed threshold, but impose a limit on supplies of services by composition taxpayers: service value in the preceding year must not exceed the higher of a percentage of prior-year turnover or a monetary floor. Exceeding that service-value limit risks assessment for differential tax, interest and penalty. The scheme eliminates input tax credit for composition dealers and simplifies compliance, but may be financially disadvantageous for mixed suppliers such as those combining goods sales with catering or courier services. en-us Fri, 22 Feb 2019 17:57:42 +0530 Thu, 23 Jan 2025 15:55:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=114668 Amendments permit composition registration for taxpayers with turnover below the prescribed threshold, but impose a limit on supplies of services by composition taxpayers: service value in the preceding year must not exceed the higher of a percentage of prior-year turnover or a monetary floor. Exceeding that service-value limit risks assessment for differential tax, interest and penalty. The scheme eliminates input tax credit for composition dealers and simplifies compliance, but may be financially disadvantageous for mixed suppliers such as those combining goods sales with catering or courier services. Discussion-Forum GST Fri, 22 Feb 2019 17:57:42 +0530 https://www.taxtmi.com/forum/issue?id=114668