sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« GST - Goods and Services Tax »
 Goods can be impounded for lapses under GST, says Kerala High Court
 Over 2 lakh assessees who migrated from VAT regime opt out of GST net
 Here's how govt can still meet fiscal deficit target despite GST shortfall
 GST a monumental reform, hit growth only for 2 quarters
  Mechanism of Audit by Tax Authorities under GST Laws
 How GST and demonetisation impacted govt finances
 GST Council meet today to consider simplified tax returns
 GST annual return forms for FY18 notified
 Haryana tax dept issues circular, asks officers to block input GST credit
 Commerce Ministry to take up exporters’ complaints on GST refund with FinMin
 Evaders beware! Tax sleuths on the prowl as GST revenue shortfall looms

GST returns under composition scheme have a surprise
February, 07th 2018

GST returns filed by companies opting for the GST composition scheme has left the government surprised as 5 lakh companies reported such a turnover which works out to annual sales of Rs 5 lakh only.
Businesses with turnover up to Rs 20 lakh are exempt from the Goods and Services Tax (GST) regime, which kicked in from July 1, 2017.

Out of 10 lakh businesses that opted for the composition scheme during the July-September period, about 7 lakh have filed GST returns for the quarter.

"To our surprise, out of 7 lakh, 5 lakh people had filed such return for the quarter which results into annual turnover of less than Rs 5 lakh. Now we are wondering why did they register then? Up to Rs 20 lakh (annual turnover) there is no need to register in GST," Finance Secretary Hasmukh Adhia said at an industry meet.

He said if the annual turnover of a company is Rs 5 lakh, why would it register under GST.

"We didn't know this statistics, when we increased the limit for availing composition scheme to Rs 1.5 crore. There is no need to do that," Adhia said.

The GST Council comprising the Centre and states in its November 2017 meeting increased the threshold for composition scheme to Rs 1.5 crore and also decided to amend the GST law to raise the statutory threshold to
Under the composition scheme, traders and manufacturers are allowed to pay taxes at a reduced rate of 1 per cent.

While restaurant owners have to pay at 5 per cent rate.

"5 lakh businesses showing less than Rs 5 lakh annual turnover. And the average of 7 lakh businesses, was coming to Rs 14 lakh (turnover)," Adhia said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions