Quiz – Should you take Composition Scheme?

Take this Quiz to determine if you should take Composition Scheme Under GST. Results are based on your answers. Composition scheme is introduced for taxpayers with small turnover, and to reduce the compliance burden.

If you opt for composition scheme you will have following benefits:

  • You can file simple monthly returns on Quarterly basis
  • Pay tax maximum only to a prescribed limit. 2% for manufacturers, 5% for restaurants and 1% for other suppliers
  • You cannot collect tax from customers, cannot issue tax invoice
  • Input tax credit is not allowed

[tqb_quiz id=’1937′]

Trending Posted

Startup CFO

In the news