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DAILY NEWS ANALYSIS from THE HINDU 18th September 2017 By Jatin Verma Educator Unacademy
Business: GST Composition Scheme registration open till Sept. 30 The Goods and Services Tax Network announced the opening of the registration window for the Composition Scheme again till September 30. . Under the Scheme, small taxpayers with a turnover of 75 lakh can file quarterly returns instead of the normal monthly returns Many taxpayers who migrated after August 16 could not avail this facility as it was open till August 16, 2017 only. To make this facility available to all those who could not opt for Composition, the facility has been opened again by the GST Council.This is also open to those who registered afresh under GST but did not avail the facility at the time of registration. Advantages: i] For Business: Businesses opting for the composition scheme will see a lesser compliance burden as they will have to file returns only once in a quarter. [ii] For Govt: Govt, in anyway, effectively gets 2-3% tax revenue from these small traders.