Kalyan Call Girl 98350*37198 Call Girls in Escort service book now
GST PPT - 8.pptx
1.
2.
3. Composition Scheme of GST is an alternative
scheme that has been introduced for small
and medium-sized businessman and
manufacturers.
4. In this scheme, an annual turnover limit for
businessman have been fixed, and this option
has been given to those who make turnover
less than this limit if they wish to register
themselves in this scheme and avoid
complete compliance with GST.
5. This scheme has been made optional so that
traders have the freedom to choose GST
provisions.
Currently, under this scheme the limit of
annual turnover has been fixed at Rs. 1.5
crore in general and for special states Rs. 75
lakhs.
6. The tax rate in Composition Scheme is 0.5%
on total turnover.
7. This is an optional scheme
The maximum limit for the annual turnover is
fixed
Tax rate is pre-determined
8. Bill of Supply will be issued by the supplier in
place of invoice
Compliance with GST is minimal
This scheme has been started for small and
mid-range businessmen
9. IGST cannot be paid in composition scheme
Presently the maximum limit of turnover is
Rs. 1.5 Crore
The maximum limit of turnover is Rs. 75
lakhs for notified special states
10. Under Composition scheme, supplier cannot
collect GST from his customer
Under Composition scheme, supplier is not
eligible for input tax credit
Supplier cannot make interstate supplies
11. Easy to file return
No need to upload invoices
Lump sum tax with fix tax rate
Limited compliance
12. High liquidity
Limited tax liability
Benefits to customers
No need to inform repeatedly
13. No benefit of Input tax credit
Tax cannot be collected
No supply in other states
Not applicable in service sector