What is the meaning of Composition Scheme under GST? Composition scheme is an alternative taxation levy under GST. It is an optional scheme introduced to benefit the small taxpayers. This will save them from the hustle of lengthy tax compliances like maintenance of detailed records, the filing of multiple returns monthly etc. Also, the procedures in terms of the issue of invoices etc are very minimal and simplified. Under this scheme, a registered taxpayer would be required to pay tax(GST) on their turnover based on the prescribed percentage. The taxSEE DETAILS
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