ORDER NO. 01/2017-CENTRAL TAX: PROVISIONS FOR COMPOSITION

Order No. 01/2017-Central Tax provides for a composition scheme for taxpayers with a turnover of up to Rs. 75 lakhs.

The composition scheme allows taxpayers to pay a fixed percentage of their turnover as tax instead of the regular GST rates.

Taxpayers under the composition scheme are not eligible for input tax credit.

The composition scheme is available for businesses engaged in the supply of goods and services.

Taxpayers under the composition scheme are required to file quarterly returns instead of monthly returns.

The composition scheme is not available for businesses engaged in inter-state supplies, e-commerce, or the supply of non-taxable goods and services.

The composition scheme is a beneficial option for small businesses looking to simplify their tax compliance.