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The Composition Scheme under GST has been a gamechanger for MSME businesses to abate their tax burden. Designed especially for businesses with lesser than ₹1.5 crores in annual turnover, it provides several other benefits mainly reduced documentation processes and frequency of filling GST return filing forms. The GST Composition Scheme turnover limit was initially set to ₹1 crores. However, with changing times, market needs, and nature of businesses, it is currently revised to ₹1.5 ... Article covers Limit under Composition scheme, What is Aggregate Turnover, Person not entitled to avail Composition scheme under GST, Condition & restriction for levy of composition scheme (under Rule 5 of chapter II of CGST Act 2017), Form to be submitted, Composition Rate of Tax, Penalty for delay ... Know about the GST composition scheme rate, rules, limit, benefits and how to check your eligibility. Read GST Composition Scheme in detail with its merits, demerits & transition provisions. 6. What is the effective date for composition levy? The effective date for taxpayer who opt in to the composition scheme by filing Form GST CMP-02 will be the beginning of the financial year. The effective date for persons who applies for a fresh registration by filling Form GST REG-01 will be the effective date of registration as per sub-rule 2 or 3 of Rule 10 of CGST Rules, 2017. 7. Is liability to pay taxes under Reverse Charge Mechanism covered under the Composition Scheme? A composition ...
