How many % turnover in state or union territory in case of other suppliers
Answers
GST applies to almost every assessee in business, thereby it has boosted the revenues for the government. While purchasing goods or services both CGST and SGST i.e. both central and state taxes are levied thereby eliminating all confusion.
With the introduction of GST, a new regime of business compliance are established.
Big organizations in India have the required resources and expertise that can facilitate the compliance procedures.
On the other hand, small and medium enterprises (SMEs) and start-ups will have difficulty in complying with these provisions
. Thus, to lower the burden of compliance for small businesses, a composition scheme has been introduced under
GST law where the assessees have to pay tax at a minimum rate based on their turnover. This is mostly similar to the provisions
in VAT law.
In this article, we’ve explained what is GST composition scheme, who can apply, eligibility criteria, it’s
limitations and how it can benefit small businesses.
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