Ans: Yes, there are schemes for payment of GST for small businesses. Composition levy is a tax levy mechanism designed for small businesses/taxpayers with a turnover of up to 1.5 crore now (Rs. 75 lakhs now for special category States). The primary goal is to make compliance easier and less expensive for small taxpayers. However, the scheme is voluntary and aims mostly at small businesses, manufacturers, and eateries.
Traders & composition levy
- Is there any scheme for payment of taxes under GST for small traders?
- What is the eligibility category for opting for composition levy? Which are the Special Category States in which the turnover limit for Composition Levy for CGST and SGST purpose shall be Rs. 75 lakhs
- Whether software is regarded as goods or services in GST?
- What are the implications of recognising the development, design, programming, customisation, adaptation, upgradation, enhancement, and implementation of information technology software as a service?