As of 2026, here are the primary benefits and rules for opting into this scheme: 1. Lower Tax Rates Instead of the standard GST slabs (like 12% or 18%), you pay a small, fixed percentage of your total turnover. Manufacturers & Traders: 1% Restaurants (Non-alcoholic): 5% Service Providers: 6% 2. Reduced Compliance Burden If you … Read more
Under the GST Composition Scheme, taxpayers are required to file one annual return known as Form GSTR-4. While you pay your taxes quarterly via a simple statement (CMP-08), GSTR-4 is the comprehensive yearly summary of your business activities. 1. Key Filing Details Feature Details Form Name GSTR-4 (Annual Return) Frequency Once per financial year New … Read more
1. Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 29.12.2024. The link for the said advisory is given here: 2. It is to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications … Read more
