FAQS ON COMPOSITION LEVY: FREQUENTLY ASKED QUESTIONS
The composition levy is a scheme under the Goods and Services Tax (GST) in India.
It is applicable to small businesses with an annual turnover of up to Rs. 1.5 crore.
Businesses under the composition levy are required to pay a fixed percentage of their turnover as tax.
They are not allowed to collect tax from their customers or claim input tax credit.
The composition levy is optional and businesses can choose to opt out of it.
Businesses under the composition levy are required to file quarterly returns instead of monthly returns.
The composition levy is beneficial for small businesses as it reduces their compliance burden and simplifies the tax process.
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