Last call for the passengers of ‘Composition Scheme’
Last call for the passengers of ‘Composition Scheme’
The GST express which is travelling all over India has made final call for passengers who wish to avail seats in the ‘composite scheme’ compartment. Although the last date for reservation has elapsed, the date has been extended for those who wish to take advantage of this joyride.
"Mother of God, would you look at the time.
When you came here, you had an hour. Now it's less!"
-- Lex Luthor
"Batman v Superman: Dawn Of Justice"
Do you remember the above?
Oh yeah...
Composition scheme under section 10 of CGST Act 2017 has been reopened by the government...
And yeah... as Lex Luthor said... Even I say...
" Registered taxable person, would you look at the time... you have only 10 days left... to opt for the Composition scheme..."
Ok... now below the dotted line is what I understand by COMPOSITION SCHEME... just have a look... may be you see some light...
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The best feature of GST regime, the composition scheme has once again opened its arm for those dealers and businesses who wish to opt for this scheme for a variety of reasons.
For the unawares, composition scheme is a feature of GST for those taxpayers who’s turnover in the preceding financial year was below the threshold limit.
Composition scheme is an alternate method of taxation, which allows small businesses with annual turnover up to Rs 75 lakhs, to pay tax at a concessional rate, as well as reduce the compliance cost. The revenue threshold is Rs 50 lakhs for dealers across nine states including Arunachal Pradesh, Nagaland and Tripura among others.
This scheme is extremely advantageous for small businesses as it reduces the tax burden and compliance cost which is otherwise high under the GST for normal taxpayers.
The government has once again opened the registration window for composition scheme for the assessment year 2017-18 for small traders and other beneficiaries. The persons who want to avail the benefit of the scheme can apply till September 30th.
Although this registration was open earlier as well, but received lukewarm response.
So, the government has decided to re-open the registrations along with campaigns to make people and taxpayers aware about the advantages to be enjoyed under this scheme.
Until now, only 10 percent of total taxpayers under Goods and Service Tax (GST) have opted for this.
In the light of this development, the GST council in its latest meeting decided to re-open registrations in a hope to get more dealers registered.
As on August 16, 2017, the number of dealers opting for the composition scheme under GST was 9.38 lakhs. Now, last date has been extended till 30th Sept.
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