ICAI has published the second edition of the ‘Handbook on Composition Scheme under GST’ (August 2022) to provide Members and other stakeholders with full explanations of the related ideas and procedures.
This ICAI Handbook examines key issues such as the definition of aggregate turnover, the treatment of interest and discounts when calculating aggregate turnover, the scheme’s availability to mixed suppliers and service providers, the accounts and records that must be kept, applicable returns, and so on.
Also this Handbook attempts to cover all aspects related to ‘Composition Scheme under GST’ at one place and is intended to give general guidance to all stakeholders and also help them in resolving issues that they may face during the course of the compliances under GST laws.
Also, this Handbook seeks to cover all aspects of the ‘Composition Scheme under GST’ in one place and is meant to provide general information to all stakeholders as well as assist them in resolving issues that they may have when complying with GST laws.
This Handbook on GST Composition Scheme is a comprehensive one that contains an updated analysis of the entire provisions under the law, including notifications, circulars, and orders issued by the Government from time to time, as well as a set of FAQ’s, MCQ’s, as well as Flowcharts, Diagrams, and Illustrations, among other things, to make reading and understanding easier.
Due to small taxpayers’ limited financial resources and infrastructure, the GST law incorporates a unique composition levy mechanism that permits for quarterly payment of tax at a concessional/fixed rate of their turnover. Because composition taxpayers do not keep sophisticated financial records or file monthly returns, they can simply comply with GST legislation with the help of this ICAI Handbook.
ICAI’s Handbook on Composition Scheme under GST (August 2022)