GST Composition Scheme Relaxation â€“ 23rd GST Council Meeting
The government on its 23rd GST council meeting held at Guwahati, Assam on 10th November 2017 has updated the norms for composition scheme. Giving more relaxation to MSME’s of India
In yesterday’s meeting, various changes have been made to the GST composition scheme to make it more taxpayer-friendly
Increase in threshold limit for registration under composition scheme
The eligibility limit for composition scheme has been raised to Rs. 2 Crore from the earlier limit of Rs. 1 Crore giving more relief to MSME’s.
Single Rate of 1% for composition scheme taxpayers
Now the GST rate for composition scheme dealers has been set to uniform 1% of turnover for traders as well as manufacturer. However, the rate of GST under composition scheme is still the same on restaurant i.e. 5% (other than 5-star hotels).
Supply of Auxiliary Services up to Rs 5 lakhs
Businesses registered under the GST composition scheme can now have an option to add/supply auxiliary services up to Rs. 5 Lakh per annum. This provision will relief the traders who provide auxiliary services as well. Like small mobile shop owners who sell mobiles equipment also rendering mobile repairing services.
GSTR 4 Composition Return Due Date Extended
This return needs to be filed by those who have opted for composition scheme. Now, GSTR 4 for the quarter July to September 2017 will be due on the 24th December 2017. The due date for subsequent quarters will be announced by the GST Council at a future date.
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