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GST Composition scheme: Small taxpayers guide to reduced GST compliances

It is often said that the small and medium businesses are at the heart of Indian economies’ demand and supply market. To cater to these small businesses and to provide a simplified and hassle-free scheme for compliance requirements under GST, the concept of a composition levy scheme was introduced.

The composition scheme is almost similar to the composition schemes prevalent in previous VAT regimes. It allows the taxpayer to pay tax at a fixed rate specified in law without allowing credit of taxes paid on inputs and input services and reduced procedural compliances.

Source Taxguru

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