All About the Composition Scheme For Service Providers
The government introduced a special composition scheme for service providers to assist small taxpayers in reducing their compliance burden as well as giving them the option to pay a lower rate of tax. Service providers who have opted into this scheme are required to maintain fewer records/books of accounts and do not need to file monthly returns.
In this video, we decode the composition scheme for service providers along with the eligibility conditions to be fulfilled, rate of tax, how to register, and more.
The article details out the rules and conditions for service providers to opt into the composition scheme: https://cleartax.in/s/gst-composition...
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The video covers the following:
0:00 Introduction
1:05 What is the composition scheme for service providers?
2:10 Eligibility to opt into the composition scheme
3:42 Rate of tax under the composition scheme
3:55 How to opt into the composition scheme
5:21 Compliances by service providers under the composition scheme
5:42 Introduction to Clear GST
6:43 Closing
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→ Watch next –How to Opt Into the Composition Scheme Using CMP-02 | When to Opt into the Scheme |New Update
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