GST Composition - Simple Definition-Incometaxguides.in

Seek Composite - Provision of High Tax

You are read the GST Act,2016 in English Language.You are Read the Information of GST Act,2016. You are reading GST Act,2016 ઈન Special Scheme for Less then Turnover of Rs. 75 Lakhs as under. In GST Law Special Scheme for Composition Levy of Paid a Tax on Turnover. For Example, In Vat Act to Apply for Special Scheme for Less then Turnover of Rs. 1 Crore. This type of Taxpayer Liable to paid Tax on Total Turnover of End in year. You are Read the GST Act,2016 Law in Gujarati Language. You are Read the also More language available in GST Act,2016.

Generally the registered person has to pay tax at the rate fixed on any supply. Even though the simple method of paying tax - scheme has been introduced in order to simplify the scheme.
For this reason, certain provisions of the supply of taxpayers, who are voluntarily registered, willingly hold simple accounts, and take advantage of the ease of returning the returns, have been made subject to the conditions which are explained here under.


A registered person, who has not sold more than Rs. 75 lakhs in the previous financial year, can choose a suitable tax payer instead of the applicable tax.

(A) for state sales manufacturer - 2%

(B) a service or a part of its use as a substitute for food consumption or beverages (except alcohol) eg. Hotels, restaurants

(C) For other suppliers

However, the Government may increase the above mentioned limit of notification from sale. But not more than Rs 1 crore. Will be as recommended by the council.

Terms
Schedule 2 (2) Para-6 should not be tax-free from the supply reverse charge other than registered person and should not be engaged for the service.


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4 comments:

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  2. Once a company registers for GST, the entity will be allotted a 15 digit unique number called GSTIN. GSTIN has replaced the TIN (Tax Identification Number) which was allotted to all service and goods provider registered under VAT.

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