Composition Scheme

Composition Scheme is a big relief for small traders and simple scheme for small taxpayer. How Composition Scheme is beneficial for small taxpayer? Small taxpayer can get rid of GST formalities and pay tax at a fixed rate on turnover after GST Registration. Under this Scheme a payer is required to file summarized returns on …

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Input Tax Credit

Input Tax Credit is an amount of tax that we can adjust at the time of paying output tax liability. Before studying input tax credit, we should know the meaning of Input tax and credit. Input tax is amount of tax that is paid at time of procurement of goods and services for business. Credit …

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