In its 32nd GST Council meeting held on January 10, 2019, the government of India increased the turnover limit for availing composition scheme for goods, and expanded the scope of the scheme to include service providers.
The changes will come into effect from April 1, 2019.
Below, we discuss the updated GST composition scheme for businesses, its eligibility criteria, and the challenges and benefits for businesses registering into the scheme.
The GST Composition Scheme
The composition scheme is a system under the Goods and Services Tax (GST) Act that allows suppliers of goods (other than exempt goods), and service providers to file their GST returns at a fixed rate.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.