GST brings in several compliance requirements, which makes it really hectic for small dealers. Thus the government seeks to grant relief to such small dealers by way of composition levy. The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. Moreover, it is optional and the eligible person opting for this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at normal rate. Further, in case a person has registration in multiple states, the option to pay tax under composition scheme will have to be exercised for all States. Also, in case a taxable person has different business segments having same PAN as held by the taxable person, he must register all such businesses under the scheme.
Who are the eligible dealers:
What does aggregate turnover mean: Aggregate turnover will be computed on the basis of turnover on an all India basis and will include value of all taxable supplies, exempt supplies and exports made by all persons with same PAN, but would exclude inward supplies under reverse charge as well as central, State/Union Territory and Integrated taxes and cess.
Who are the non-eligible dealers:
How and when should a Composite Dealer pay tax:
Composite dealers must pay GST at the prescribed rates and electronically file quarterly returns in Form GSTR-4 on the GSTN common portal by the 18th of the month succeeding the quarter.
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