One such proposal laid down to improve GST implementation is Reverse Charge Mechanism (RCM) with an aim to enhance tax compliance and coverage across organized, partly organized and unorganized sector in India.
Payment Voucher under Reverse Charge Mechanism in GST is a proof of transaction between taxpayer and unregistered supplier.
Goods and Service Tax Collection in India went up by 15.6% from a year ago to hit INR 1.06 trillion in March. GST Council has been working diligently towards a fairer taxation system and reduce tax evasion.
A quarterly statement cum challan, form CMP 08 shall be used to declare the self-assessed details of the tax payable by a composite dealer in the given quarter.
Composition Scheme under GST for Restaurant and Hotel Services. Anyone can voluntarily opt for this scheme if they come under the set GST guidelines. Composition Scheme under GST Regime. Read more...
Composition Scheme is a simple and easy scheme under GST for small taxpayers. The composition scheme is available only for taxpayers whose turnover is less than Rs. 1.5crores.
This article will help you to decide what to look forward to as Composite Dealers/Composite Taxpayers.
Considering the present scenario in the country with COVID-19 outbreak, GSTN (Goods and Service Tax Network) has recently issued an updated advisory for taxpayers opting for Composition Scheme for the Financial for Year 2020-21.
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