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Apply NowThe GST (Goods and Service Tax) composition scheme offers small businesses two additional benefits compared to regular GST filing – less paperwork and lower tax liability. Any individual or entity eligible to register themself under the GST composition scheme must submit one quarterly return (GSTR 4) and one annual return (GSTR 9) as opposed to the quarterly GST returns that any other taxpayer files. Let us understand this scheme in more detail.
According to the GST Act, manufacturing businesses, service businesses, and traders can register under the GST composition scheme. However, the following individuals cannot register under the GST composition scheme.
The GST composition scheme's features make it a preferable option for the following.
The GST composition limit differs for various businesses.
If you own a newly registered business, its turnover should not be more than ₹1.5 crores in the current financial year. If you have already registered, your business's turnover should not exceed ₹1.5 crores in the previous financial year.
Restaurants that do not serve alcohol, too, can only register themselves under the GST composition scheme if their annual turnover exceeds ₹1.5 crores.
For any newly registered business to be eligible for the GST composition scheme, its annual turnover should not exceed ₹50 lakh in the current financial year.
If a business has already been registered, its turnover should not exceed ₹50 crores in the previous financial year.
Manufacturers of goods, dealers, and restaurant owners who do not serve alcohol can avail themselves of the GST composition scheme.
The following individuals are eligible to opt for the GST composition scheme, provided their annual turnover falls within the specified limit of ₹1.5 crores.
Here are all the disadvantages of registering for the GST composition scheme.
B2B businesses are not allowed the credit of input tax paid from the output liability. The buyer of such goods will not get any credit on tax paid, which would lead to price distortion and cascading. A buyer registered as a regular taxpayer will not get any credit while buying from a person registered under a composition scheme, resulting in a loss of business.
Under the composition scheme, taxpayers cannot recover composition tax from their buyers as they cannot raise a tax invoice.
The GST composition scheme does not cover inter-state transactions. They also cannot leverage the potential of the internet as a supply of goods via e-commerce portals.
Here are the benefits that eligible business owners can get from the GST composition scheme.
You can use IDFC FIRST Bank's GST Compliance Manual to know more about the Goods and Service Tax and how to pay it.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.