The GST Composition Scheme is a simplified taxation scheme designed for eligible small businesses with turnover below the prescribed limit. It allows taxpayers to pay GST at a fixed rate on turnover, reducing compliance requirements, maintaining simpler records, and making tax management more affordable.
The GST Composition registration process involves verifying eligibility, applying through the GST portal, and opting for the scheme under prescribed rules. Once approved, businesses must comply with composition scheme regulations, file periodic returns, and issue bills of supply instead of tax invoices.
