Service providers with turnover of up to Rs 50 lakh may now opt for GST composition scheme till 31 July
The tax department has extended by three months till 31 July the deadline for service providers with a turnover of up to Rs 50 lakh to opt for the composition scheme and pay six percent goods and services tax (GST)
The truth is the government and its ministers are clueless about the nature of difficulties faced by the small businesses under GST
SMEs can look forward to more good news on 10 November when GST Council meets next
To opt in for composition scheme a taxpayer has to file Form GST CMP-01 or GST CMP-02 with the government.
All the the traders will have to mention that he is a "composition taxable person" on notice or sign board displayed at a prominent place at his place of businesses.