Goods and Services tax is an Indirect tax applicable to all businesses which earn their incomes from the sale of goods and products. The tax is imposed by the Central Government (CGST) and the State Governments in India (SGST). Although the tax is to be paid by businesses, its burden falls on the end consumers of the products and services. The tax rates of GST are decided by the GST Council with the goal of achieving “One nation One tax“ in India. Besides payment of GST, filing GST returns and obtaining GST registration are also mandatory compliances under the GST Act, 2016.
The composition scheme under GST was introduced with an objective to provide a relief on the tax burden for small taxpayers. Under the composition scheme,… Read More »Eligibility to opt for GST Composition Scheme
The Composition Scheme is considered as a relief mechanism provided to smaller taxpayers under GST. Under this scheme, the taxpayer has to pay taxes at… Read More »Disadvantages of GST Composition Scheme
Section 10 of the Goods and Services Tax Act contains the provisions regarding the registration of taxpayers under the GST Composition Scheme. One of the… Read More »What are the advantages of the GST composition scheme?
With the implementation of the Goods and Service Tax Act (GST) in India, a lot of complications emerged regarding the new system and requirements of… Read More »GST Composition Scheme: a complete guide