GST 2.0 simplifies India's tax system by consolidating slabs into 5% for essentials and 18% for standard goods. Learn about the impact on businesses and ...

The GST Council on Sunday allowed traders, manufacturers and restaurants with turnover of up to Rs 75 lakh to avail of the composition scheme, against Rs 50 lakh earlier.

Learn if a GST rate reduction requires ITC reversal under Section 18(4) of the CGST Act. This article clarifies that ITC reversal is not needed for reduced tax ...

GST returns filed by companies opting for the GST composition scheme has left the government surprised as 5 lakh companies reported such a turnover which works out to annual sales of Rs 5 lakh only.

Service providers opting for the composition scheme can charge a lower tax rate of 6% from customers, as against the higher rates of 12 and 18% for most services under GST.

GST Composition Scheme: Who Can Opt, The Rates Applicable And More Under GST, trader, manufacturer and restaurants are not required to register or pay tax in case of annual turnover below Rs 20 lakh.

New Delhi: The goods and services tax (GST) council on Thursday approved changes to the composition scheme for small dealers to ensure a seamless supply chain, make the scheme more attractive and ...

A ministerial panel headed by Gujarat deputy chief minister Nitin Patel will look into the possibility of rationalisation of GST rate for the real sector besides formulating a composition scheme ...

NEW DELHI: Giving relief to composition scheme taxpayers under the GST, the finance ministry has allowed such businesses to file ' self-assessed tax ' return on quarterly basis in a simplified ...

Registering under the GST composition Scheme is optional and voluntary. Businesses having a turnover of less than Rs 50 lakh can opt for this scheme but on any given day, if turnover crosses the ...