Composite Scheme (GST)

Tax Glossary Definition

Composite Scheme (GST)

The Composite Scheme under GST is an optional scheme designed for small taxpayers, allowing them to pay tax at a fixed rate on their turnover instead of the regular GST rates. This scheme simplifies compliance by reducing the need for detailed record-keeping and frequent tax filings.

Example: Small traders or manufacturers with a turnover below the prescribed threshold can opt for the composition scheme and pay 1% of their turnover as GST instead of the standard rates.

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