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Over 5 Lakh Dealers Opted for Composition Scheme
August 02, 2017
Although the GST composition scheme didn’t get a good response initially, in the last fortnight the number of registrations under the scheme jumped significantly, so much that they crossed the 5-lakh mark which is nearly six times the no. of registrations completed earlier.
Although the last date for opting for the composition scheme was initially set to July 22, it was extended to August 16 owing to the sudden massive response of 5.12 lakh new registrations.
GST composition scheme is a special scheme under the GST regime meant for small businessmen and traders whose annual turnover is less than Rs. 75 lakh (Rs. 50 for the north-eastern states and a few other states).