The article explains the legal distinction between ITC reversal on opting for composition and tax liability on sale of capital goods. It clarifies when Section 18(4) and Section 18(6) apply under GST ...

The Comptroller and Auditor General (CAG) has recommended that the Finance Ministry regularly identify high-risk taxpayers within the GST composition scheme and verify their declared sales figures ...

Selling cigarettes disqualifies traders from the GST composition scheme regardless of turnover. Small retailers must follow regular GST compliance to avoid ...

The GST 2.0 storm looms over pharmacy retailers handling medicines, nutraceuticals and FMCG which are coming under the Composition Scheme and paying 1% tax on total turnover without input-tax credit.

Chhattisgarh High Court said that ice cream is not a luxurious item and has directed GST Council to reconsider the exclusion of Small-Scale Manufacturers of Ice Cream from the composition scheme. Ice ...

“The Kashmiri shawl is not just a means of livelihood for us but an identity of Jammu and Kashmir. It is famous all over the world. The (previous) National Conference government banned the Shahtoosh, ...

The GST composition scheme is available to taxpayers whose aggregate turnover, in the preceding financial year, has not exceeded Rs 1.5 crore. For taxpayers in special category states, this limit is ...

The Comptroller and Auditor General (CAG) has asked the Finance Ministry to identify high risk taxpayers in the GST composition scheme on a periodical basis and verify from other sources, including ...