GST Composition Scheme for Small Business | How to apply❓❓| In Tamil | #gst #shortsvideo

The GST Composition Scheme is a simplified scheme for small taxpayers in India. It allows eligible businesses to pay a fixed percentage of their turnover as GST, instead of the regular GST rates. This scheme is designed to reduce the compliance burden for small businesses.

Eligibility:
* Businesses with an annual turnover of up to ₹1.5 crore (₹75 lakh for special category states) can opt for this scheme.
* Certain businesses are not eligible, such as manufacturers of ice cream, pan masala, and tobacco, as well as businesses making inter-state supplies.

Benefits:
* Simplified compliance: Businesses under this scheme have to file fewer returns and maintain simpler records.
* Lower tax rates: They pay a lower percentage of tax compared to the regular GST rates.

Tax Rates:
* Manufacturers and traders: 1% of turnover
* Restaurants: 5% of turnover
* Service providers: 6% of turnover
For all your financial queries... Reach us at
tax.casuriya@gmail.com 💌
WhatsApp: 99763 72162

Enjoy the Video till end.
Do Subscribe, Share, Like and comment.
/ @taxwithsuriya
_____________________________________________________________
♥Like 👍 ♥ Share ♥ Subscribe ♥ Press 🔔
_____________________________________________________________

Disclaimer: our videos are for educational purposes only, we will not be responsible in any circumstances for any decision which you have taken after watching the content

Видео GST Composition Scheme for Small Business | How to apply❓❓| In Tamil | #gst #shortsvideo канала Tax with Suriya