GST composition scheme takes a quantum leap

Assessees registered under scheme rise to 1.5 million in about two months

Availing of the benefits of a flat tax rate and easier compliance, the number of businesses opting for the composition scheme under the goods and services tax has gone up by 50 per cent.

About 540,000 taxpayers have opted for the scheme under the new window of about 14 days till September 30, compared to one million as of August 16, the earlier deadline.

The scheme is for specific categories of small businesses with a turnover of Rs 75 lakh and below.  Anyone availing of the scheme cannot claim input tax credit. Such a dealer cannot issue a tax invoice. Hence, someone