{"id":2017,"date":"2017-06-21T10:11:43","date_gmt":"2017-06-21T10:11:43","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?page_id=2017"},"modified":"2017-06-21T10:14:06","modified_gmt":"2017-06-21T10:14:06","slug":"quiz-should-you-take-composition-scheme","status":"publish","type":"page","link":"https:\/\/enterslice.com\/learning\/quiz-should-you-take-composition-scheme\/","title":{"rendered":"Quiz &#8211; Should you take Composition Scheme?"},"content":{"rendered":"<p class=\"ttfm1\">Take this Quiz to determine if you should take Composition Scheme Under GST. Results are based on your answers.&nbsp;Composition scheme is introduced for taxpayers with small turnover, and to reduce the compliance burden.<\/p>\n<p class=\"ttfm1\">If you opt for composition scheme you will have following benefits:<\/p>\n<ul>\n<li class=\"ttfm1\">You can file simple monthly returns on Quarterly <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a><\/li>\n<li class=\"ttfm1\">Pay tax maximum only to a prescribed limit. <strong>2%<\/strong> for manufacturers, <strong>5%<\/strong> for restaurants and <strong>1%<\/strong> for other suppliers<\/li>\n<li class=\"ttfm1\">You cannot collect tax from customers, cannot issue tax invoice<\/li>\n<li class=\"ttfm1\">Input tax credit is not allowed<\/li>\n<\/ul>\n<p>[tqb_quiz id=&rsquo;1937&prime;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Take this Quiz to determine if you should take Composition Scheme Under GST. Results are based on your answers.&nbsp;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 <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\" href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a> Pay tax [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quiz - Should you take Composition Scheme? - Enterslice<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/quiz-should-you-take-composition-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quiz - Should you take Composition Scheme? - Enterslice\" \/>\n<meta property=\"og:description\" content=\"Take this Quiz to determine if you should take Composition Scheme Under GST. Results are based on your answers.&nbsp;Composition scheme is introduced for taxpayers with small turnover, and to reduce the compliance burden. 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