Introduction of Composition Scheme in GST

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..... licity and to reduce the compliance cost for the small taxpayers. Moreover, it is optional and the eligible person opting to pay tax under this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at normal rate. 2. Benefits of composition scheme Easy compliance as no elaborate accounts and records to be maintained Simple Annual Return Quarterly paymen .....

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..... t a taxable person has paid tax under section 10(1) despite not being eligible, such person shall, in addition to any tax that may be payable by him under any other provisions of this Act, be liable to a penalty and the provisions of section 73 or section 74 shall apply for determination of tax and penalty. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax M .....

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