{"id":842,"date":"2017-07-17T14:23:54","date_gmt":"2017-07-17T08:53:54","guid":{"rendered":"http:\/\/www.gsthelplineindia.com\/blog\/?p=842"},"modified":"2019-07-29T12:49:41","modified_gmt":"2019-07-29T12:49:41","slug":"gst-composition-scheme","status":"publish","type":"post","link":"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/17\/gst-composition-scheme\/","title":{"rendered":"What is Composition Scheme Under GST?"},"content":{"rendered":"<p>The GST Composition Scheme is merely a revision of the already existing composition Law under VAT. Goods and Services Tax (GST) has already been implemented for all individuals, small &amp; large businesses in India.<\/p>\n<p>While big organizations have enough resources and expertise to implement the new tax regime, the small companies and startups, on the other end, may struggle to understand and comply with the new provisions. Therefore, the government has introduced a composite scheme to resolve such issues.<\/p>\n<p>Under the composition scheme, a taxpayer will have to file tax return reports on a quarterly basis rather than the normal three monthly return filing. Those who have the turnover of 2 Crores will now be able to file quarterly returns instead of monthly returns.<\/p>\n<p>By reducing the needs for maintaining substantial records and returns, the overall tax compliance process becomes easier for small organizations. A taxpayer can opt for <strong>GST composition scheme<\/strong> involves the GST payment as a fixed percentage of turnover (usually lower than the normal <a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/05\/18\/gst-tax-rate\/\">GST rate<\/a>), instead of tax payment under regular provisions.<\/p>\n<p><b>GST Press Release<\/b>: <a href=\"https:\/\/www.gsthelplineindia.com\/blog\/wp-content\/uploads\/2017\/07\/gst-composition-scheme.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Changes recommended in Composition Scheme in 23rd GST council meeting<\/a><\/p>\n<div id=\"toc_container\" class=\"no_bullets\"><p class=\"toc_title\">Contents<\/p><ul class=\"toc_list\"><li><\/li><li><\/li><li><\/li><li><\/li><li><\/li><li><\/li><li><\/li><\/ul><\/div>\n<h2><span id=\"What_is_the_Need_for_the_Composition_Scheme\">What is the Need for the Composition Scheme?<\/span><\/h2>\n<p>The tax authorities require every taxpayer to pay taxes, file returns, create and maintain records, invoices, etc. on time to manage timely submission and processing of taxes. This may be a challenge for small businesses and individual suppliers who do not usually have sufficient resources to meet the needs for monthly tax filing. The <a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/06\/16\/gst-council-meeting\/\">GST Council<\/a> has therefore introduced the GST composition levy to protect the interests of such small businesses.<\/p>\n<p>Composition scheme is mainly beneficial for those small businesses who usually perform intrastate transactions and doesn\u2019t have to do much with import-export of goods.<\/p>\n<h2><span id=\"Who_is_Eligible_and_Who_is_not_for_this_scheme\">Who is Eligible and Who is not for this scheme?<\/span><\/h2>\n<p>Any small business dealing only in the supply of goods can apply for composition scheme. Business providing services of any kind, with the exception of restaurant sector, are not eligible for the scheme. Only <strong>businesses and individuals with the annual turnover till Rs 1.5 Crore can opt for GST composition scheme<\/strong>. Only intrastate supply of goods is eligible for registration under the scheme.<\/p>\n<p>A taxpayer will be allowed to file taxes under the composition scheme only if he\/she registers all the taxable persons (and\/or business segments) with same PAN in the scheme. The motive here is to bring all the business entities with the same PAN under this scheme.<\/p>\n<p><strong>Following persons\/businesses are excluded from this scheme who:<\/strong><\/p>\n<ul>\n<li>Supply services<\/li>\n<li>Supply certain goods not covered under the scheme<\/li>\n<li>For interstate supply and import\/export of goods<\/li>\n<li>Supply goods through Electronic Commerce (E-commerce) Operator<\/li>\n<\/ul>\n<h2><span id=\"What_is_the_Tax_Rate_under_GST_Composition\">What is the Tax Rate under GST Composition?<\/span><\/h2>\n<p>Any taxpayer registered under this scheme whose aggregate annual turnover was not more than seventy-five lakh rupees in the previous financial year has to pay tax at the following GST composition scheme rate.<\/p>\n<table>\n<tbody>\n<tr valign=\"top\">\n<td>\n<p align=\"left\"><b>Type of Registered person<\/b><\/p>\n<\/td>\n<td>\n<p align=\"left\"><b>CGST Tax Rate<\/b><\/p>\n<\/td>\n<td>\n<p align=\"left\"><b>SGST Tax Rate<\/b><\/p>\n<\/td>\n<td>\n<p align=\"left\"><b>Total Tax Rate<\/b><\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td>\n<p align=\"left\">Manufacturers (Except the manufacturers of certain goods)<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\" align=\"left\">0.5%<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\" align=\"left\">0.5%<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\" align=\"left\">1%<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td>\n<p align=\"left\">Supplier of food or drinks (other than alcoholic)<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\" align=\"left\">2.5%<\/p>\n<\/td>\n<td style=\"text-align: center;\">2.5%<\/td>\n<td>\n<p style=\"text-align: center;\" align=\"left\">5%<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td>\n<p align=\"left\">Other Supplies (trading business etc.)<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\" align=\"left\">0.5%<\/p>\n<\/td>\n<td style=\"text-align: center;\">0.5%<\/td>\n<td>\n<p style=\"text-align: center;\" align=\"left\">1%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span id=\"GST_Composition_Features\">GST Composition Features<\/span><\/h2>\n<p><b>No Input Tax Credit<\/b>: Composition scheme holders cannot claim for credit on input tax. Also, the buyer of these items will not be eligible for any tax credit. In short, the tax amount will be calculated in the composite taxpayer\u2019s cost.<\/p>\n<p><b>No Tax Collection<\/b>: A registered composite taxpayer will not be able to recover the tax cost from his buyer as there is no provision for tax invoices under the composition scheme. He will have to bear the tax cost himself.<\/p>\n<p><b>Lesser Compliance<\/b>: In normal GST system, the taxpayer is required to file 37 returns in a year, including three returns each month and one final annual return. Under the composite scheme, a taxpayer will have to file only one return in each quarter (three months), so that he can focus more on business rather than maintaining records.<\/p>\n<p><b>Penal Provisions<\/b>: If it is ever found that an ineligible person has registered for the scheme, he\/she will have to pay the difference in taxes along with penalty amount, and demand and recovery provisions will apply to him.<\/p>\n<p>This is why it is important to confirm your eligibility before applying for the scheme.<\/p>\n<p><strong>Click here:<\/strong> <a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/10\/07\/gst-updates-today\/\">GST Updates Today<\/a><\/p>\n<h2><span id=\"Pros_and_Cons_of_the_Scheme\">Pros and Cons of the Scheme<\/span><\/h2>\n<p>Following are the reasons why GST Composition Scheme is beneficial for you.<\/p>\n<ul>\n<li>Lesser compliance, creation and maintenance of records, tax invoices, etc.<\/li>\n<li>The tax rate will be decreased substantially for all composition scheme registered taxpayers.<\/li>\n<li>High profits from the business because of lower tax rates.<\/li>\n<\/ul>\n<p>Here are some reasons why the Composition Scheme may not be the right choice for you.<\/p>\n<ul>\n<li>Any taxpayer registered under this scheme cannot perform interstate transactions and import-export of goods.<\/li>\n<li>The registered taxpayer, as well as the buyers, are not liable to get credit against the tax deposited.<\/li>\n<li>A taxpayer cannot collect tax cost from his buyers\/customers.<\/li>\n<li>Strict penalty provisions for unlawfully registered taxpayers.<\/li>\n<li>E-commerce goods supply not included.<\/li>\n<\/ul>\n<h2><span id=\"Conditions_To_Avail_GST_Composition_Scheme_Rules\">Conditions To Avail GST Composition Scheme Rules<\/span><\/h2>\n<p>A list of conditions that an individual must have to follow to avail <strong>composition scheme under GST Regime<\/strong> that is mentioned below:-<\/p>\n<ul>\n<li>A taxpayer who is opting composition scheme under GST is not entitled to <a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/24\/input-tax-credit-gst\/\">claim input tax credit<\/a><\/li>\n<li>The taxable person has been allowed to deal only in the intra-state supply of goods (supply within the state), not on the inter-state supply of goods<\/li>\n<li>The composition scheme taxable person is not permitted to supply exempted goods<\/li>\n<li>The taxpayer is entitled to pay taxes at regular intervals of time for dealings under <a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/16\/reverse-charge-mechanism\/\">Reverse Charge Mechanism<\/a><\/li>\n<li>If in case the assessee is running various business enterprises (such as pharmacy, electronics, groceries, and more) with the same PAN. The taxpayer either to choose a composition scheme or must register all of the business under the scheme collectively.<\/li>\n<li>The assessee who has chosen the GST composition scheme is required to show the \u2018composition taxable person\u2019 word in each of the signboard or notice board at business place.<\/li>\n<li>The \u2018composition taxable person\u2019 word should be mentioned on every bill of supply which has been supplied by the composition taxable person.<\/li>\n<\/ul>\n<p>Below is a list of forms and the reasons for which they can be used:<\/p>\n<p>Composition Scheme Rules have covered various forms that are made for specific reasons. Below is a list of forms along with the specific reasons that the taxpayers must require to fill under GST regime in order to avail the composition scheme:<\/p>\n<p>Following are the most noticeable <a href=\"https:\/\/www.gsthelplineindia.com\/blog\/wp-content\/uploads\/2017\/07\/composition-scheme-rules.pdf\">Composition Scheme Rules under GST<\/a>.<\/p>\n<table width=\"100%\" cellspacing=\"0\" cellpadding=\"4\">\n<tbody>\n<tr>\n<td style=\"border-top: 1px solid #000000; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0.1cm 0cm 0.1cm 0.1cm;\" width=\"24%\">\n<p align=\"center\"><span style=\"color: #800000;\"><span style=\"font-size: medium;\"><b>Form Required<\/b><\/span><\/span><\/p>\n<\/td>\n<td style=\"border-top: 1px solid #000000; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0.1cm 0cm 0.1cm 0.1cm;\" width=\"43%\">\n<p align=\"center\"><span style=\"color: #800000;\"><span style=\"font-size: medium;\"><b>Purpose<\/b><\/span><\/span><\/p>\n<\/td>\n<td style=\"border: 1px solid #000000; padding: 0.1cm; text-align: center;\" width=\"33%\"><span style=\"color: #800000;\"><strong>GST Composition Scheme Last Date<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST CMP-01<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">To opt for scheme by provision registration holder<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Prior to appointed date\u00a0or within 30 days of the said date<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST CMP-02<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Intimation of\u00a0willingness to opt for scheme<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Prior to commencement of\u00a0Financial Year<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST CMP-03<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Details of stock and\u00a0inward supplies form unregistered<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Within 90 days of\u00a0exercise of option<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST CMP-04<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Intimation of withdrawal\u00a0from scheme<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Within 7 days of\u00a0occurrence of event<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST CMP-05<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Show Cause Notice on\u00a0contravention of rules or Act by Proper Officer<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">On contravention<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST CMP-06<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Reply to show cause\u00a0notice<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Within 15 days<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST CMP-07<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Issue of order\u00a0<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Within 30 days<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST REG-01<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Registration under\u00a0Composition Scheme<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Prior to appointed date<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST ITC-01<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Details of inputs in\u00a0stocks, semi-finished and finished goods<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">30 days of option\u00a0withdrawn<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"24%\"><span style=\"font-size: medium;\">FORM GST ITC-03<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: none; padding: 0cm 0cm 0.1cm 0.1cm;\" width=\"43%\"><span style=\"font-size: medium;\">Intimation of ITC\u00a0available<\/span><\/td>\n<td style=\"border-top: none; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; padding: 0cm 0.1cm 0.1cm 0.1cm;\" width=\"33%\"><span style=\"font-size: medium;\">Within 60 days of\u00a0commencement of Financial Year<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>To avail composition scheme under the new indirect tax regime, the assessee must have to fill GST CMP-01 or GST CMP-02 Form as the case may be, on the common portal. The taxpayer who is opting the composition scheme will inform through in Part B of FORM GST-REG 01 before the commencement of every Financial Year.<\/p>\n<h2><span id=\"How_to_Register_for_GST_Composition\">How to Register for GST Composition?<\/span><\/h2>\n<p>An eligible taxpayer can opt for GST composition scheme by following the steps mentioned below.<\/p>\n<ol>\n<li>Log into your taxpayer account at the online GST portal <strong>gst.gov.in<\/strong><\/li>\n<li>Under Services menu, select \u2018Application to opt for the Composition Scheme\u2019.<\/li>\n<li>Fill in the application and get it verified through EVC or digital signature, and submit at the GST portal.<\/li>\n<li>A \u2018Certificate of Registration\u2019 will generate after the successful registration.<\/li>\n<\/ol>\n<p>To conclude, composition scheme makes the tax payment and compliance process easier for small businesses through quarterly returns against monthly returns of normal taxes. The tax rates have also been reduced to a great deal for all the registered taxpayers under this scheme.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The GST Composition Scheme is merely a revision of the already existing composition Law under VAT. Goods and Services Tax (GST) has already been implemented for all individuals, small &amp; large businesses in India. While big organizations have enough resources and expertise to implement the new tax regime, the small companies and startups, on the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/17\/gst-composition-scheme\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;What is Composition Scheme Under GST?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[17,79,577,10],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Composition Scheme Under GST?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/17\/gst-composition-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Composition Scheme Under GST?\" \/>\n<meta property=\"og:description\" content=\"The GST Composition Scheme is merely a revision of the already existing composition Law under VAT. 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