GST Composition

GST COMPOSITION

First of all it is important to note that all the registered dealers are required to file GST Returns irrespective of the type of business or turnover or profitability during the return filing period. Under GST Regime, even a dormant business that has obtained GST registration must file GST return. Further, while running a business, maintaining books of accounts is essential. The Tax Department needs them, the bank or your investor might ask for them. Outsource your bookkeeping function and let professionals manage your business financial reporting. Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports. As per section 128 of companies act 2013 read with related rules prescribed there under, every company is required to prepare and keep books of accounts at its registered office of the company. However, many small businesses do not have complete accounting departments and require external bookkeeping services. Realizing the need of the entrepreneurs, the plans are designed to provide all these services under one roof. These services (Book Keeping and GST filing) are bundled to give peace of mind to the entrepreneur so that the entrepreneur can focus on the core competences of the business and take the business to the next heights. The plans under this service are designed keeping in mind the paying capacity of the entrepreneur. The entrepreneur can choose a plan according to the turnover expected in a year. We assure you the flexibility in choosing a plan on monthly basis will not be provided by any services provider.

The dealer with the turnover of upto Rs. 1.5 crores can be registered under Composition Levy. However, casual taxable person and non-resident taxable persons cannot get registered under Composition Levy irrespective of their turnover. In case of North-Eastern states and Himachal Pradesh, the limit is Rs 75* lakh.