This composition scheme gives an option to a business with a turnover of less than Rs 1.5 crore in a year to pay GST at a fixed rate of 1% of the turnover. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75 lakh.
Such composition dealer can also supply services to an extent of 10% of turnover or Rs.5 lakhs whichever is higher.
This composition scheme gives an option to the manufacturers of bricks, including building bricks, bricks of fossil meals or similar siliceous earths, earthen or roofing tiles, and fly ash bricks and blocks to pay GST at a fixed rate of 6% of the turnover.
This composition scheme gives an option to a restaurant service provider (not serving alcohol) with a turnover of less than Rs 1.5 crore in a year to pay GST at a fixed rate of 5% of the turnover. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75 lakh.
This composition scheme gives an option for service providers with turnover up to Rs. 50 lakhs to pay tax at a fixed rate of 6% of the turnover.
The person who wants to opt for this scheme will have to file Form GST CMP-02 with the government, he can also file his on GST Portal by logging in. This communication shall be done by the person at the start of every financial year that the person wants to opt for the scheme.
GST Registration Cancellation