New Composition Scheme for Service Providers under GST (Updated on 27.11.2019) The Government introduced the composition scheme to assist small taxpayers and reduce the compliance burden. A dealer under composition scheme is required to maintain fewer records/books of accounts and not required to file monthly returns. Earlier, the scheme was available only to the suppliers of goods. However, in the 32 nd GST Council Meeting, it has been announced that the scheme will now be available to service providers too. The scheme for service providers is available from 1 April 2019. Rate for composition service providers: 1. For composition service providers, the applicable GST rate is 6% (being 3% CGST + 3% SGST). 2. For calculation of the aggregate annual turnover, the value of supply of exempt services byway of extending deposits, loans or advances where the income is represented by way of interest or disco...
A practising Chartered Accountant since 1991, with offices in Kerala and Dubai. Expert exposure to Statutory Audits, Concurrent and Stock Audits, Indian and International Taxation, Project, Banking and Finance Consultation, Information System Audits, Company Incorporation, etc. He established the Chartered Accountant firm PAMA& CO, at Kodungallur, Kerala. +919447746535 auditorindia@gmail.com