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Under the proposed GST regime, registered persons shall either pay the taxes under normal rates or he may opt to pay tax at special lower rates under composition scheme as specified in the act and rules there under.
Normal rates of taxes under GST is expected to be anywhere between 18% to 24%. However under composition scheme registered person may elect to pay tax between 0.5% to 2.5%. As there is a huge gap between the tax rates under normal provisions and those under composition levy. So many restrictions have also been imposed on the registered person to avail the benefit of paying taxes at these special rates.
May 26, 2017 at 05:49AM
from khatrimithun
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