https://www.taxtmi.com/article/detailed?id=12399 The GST Composition Scheme allows eligible small taxpayers to pay tax at a fixed turnover-linked rate with simplified compliance. Eligibility depends on notified turnover thresholds and excludes certain categories (producers of specified goods, inter state suppliers, non-residents and "irregular" taxpayers). Composition taxpayers must label themselves as a composition taxable person, file a single quarterly return, register businesses under one PAN or opt out, cannot claim Input Tax Credit, and must apply standard rates for reverse charge transactions; service and turnover-specific limits and prohibitions on certain supplies also apply. en-us Wed, 06 Mar 2024 09:42:48 +0530 Wed, 06 Mar 2024 09:42:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12399 The GST Composition Scheme allows eligible small taxpayers to pay tax at a fixed turnover-linked rate with simplified compliance. Eligibility depends on notified turnover thresholds and excludes certain categories (producers of specified goods, inter state suppliers, non-residents and "irregular" taxpayers). Composition taxpayers must label themselves as a composition taxable person, file a single quarterly return, register businesses under one PAN or opt out, cannot claim Input Tax Credit, and must apply standard rates for reverse charge transactions; service and turnover-specific limits and prohibitions on certain supplies also apply. Articles Goods and Services Tax - GST Wed, 06 Mar 2024 09:42:48 +0530 https://www.taxtmi.com/article/detailed?id=12399