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Composition Levy, GST -

The current state indirect tax regime has provided a simpler compliance for small dealers known as the Composition Scheme. Under this scheme you, Pay taxes only at a certain percentage of turnover File periodic returns only (usually on a quarterly basis) Have an option of not having to maintain detailed records or follow tax invoicing rules Are not allowed to take Input Tax Credit (ITC) Are not allowed to collect tax on sales Thus for smaller businesses, it is simpler to calculate tax liability. This saves time and energy involved in maintaining detailed records. Let us understand how the composition...

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