GST- Goods And Service Tax
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GST composition scheme was introduced to lower the compliance burden for small businesses and taxpayers. Earlier Manufacturer or trader who are engaged in supply of goods can’t avail the benefit of composition scheme if they are also engaged in supply of services.
Composition scheme is now available to manufacturer or trader if service is provided in small portion.
Earlier Manufacturer or trader who are engaged in supply of goods cant avail the benefit of composition scheme if they are also engaged in supply of services.
A recent amendment government now allows such manufacturer or traders to take a benefit of composition scheme given that revenue from supply of service during the financial year, is not more than 10% of total revenue or Rs.5 lakhs whichever is higher.
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