ORDER NO. 01/2017: GST FILING OPTION FOR COMPOSITION SCHEME
Order No. 01/2017 provides an option for GST filing under the Composition Scheme.
The Composition Scheme is available for small businesses with an annual turnover of up to Rs. 1.5 crore.
Businesses under the Composition Scheme are required to file quarterly returns instead of monthly returns.
The GST rate for businesses under the Composition Scheme is lower than the regular GST rate.
Businesses under the Composition Scheme are not eligible for input tax credit.
The option to file under the Composition Scheme is available at the time of GST registration or can be opted for later.
Businesses under the Composition Scheme must mention 'Composition taxable person' on their invoices.
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