Window for GST composition scheme to be open till Sept 30
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The GST Department has announced that the window for adopting the composition scheme under the GST Act for small traders, producers, and restaurants will be open till September 30.
Under the scheme, all small traders, producers, and restaurants which have a turnover of less than Rs.75 lakh need to pay tax at a designated rate for each category.
For small traders, it is 1%, for producers 2%, and for restaurants it is 5%. But those adopting the scheme cannot collect GST. The date has been extended in order to provide an opportunity to those who migrated to the GST regime after August 16 and new registrants, the department said in a statement here.
In the meantime, the Kerala Vyapari Vyavasayi Ekopana Samithi protested against the department’s decision to impose a fine for delay in filing returns.
The samithi, in a statement here, demanded a foolproof GST network and transparent rules to facilitate filing of returns, instead of imposing a burden on the taxpayer. #casansaar (Source - The Hindu)
Under the scheme, all small traders, producers, and restaurants which have a turnover of less than Rs.75 lakh need to pay tax at a designated rate for each category.
For small traders, it is 1%, for producers 2%, and for restaurants it is 5%. But those adopting the scheme cannot collect GST. The date has been extended in order to provide an opportunity to those who migrated to the GST regime after August 16 and new registrants, the department said in a statement here.
In the meantime, the Kerala Vyapari Vyavasayi Ekopana Samithi protested against the department’s decision to impose a fine for delay in filing returns.
The samithi, in a statement here, demanded a foolproof GST network and transparent rules to facilitate filing of returns, instead of imposing a burden on the taxpayer. #casansaar (Source - The Hindu)
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