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FAQ on Composition Scheme

The Central Government recently released Frequently Asked Questions (FAQs) on Composition levy under the new indirect tax law, GST
The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. Moreover, it is optional and the eligible person opting to pay tax under this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at normal rate.
A person opting for composition levy will have to pay tax on quarterly basis before
18th of the month succeeding the quarter during which the supplies were made.

Read the full faq on composition scheme.


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