Restaurants with an annual turnover of less than Rs50 lakh will be able to avail the so-called composition scheme under the goods and services tax (GST) regime and pay a flat tax of 5% after the GST council decided to widen the ambit of this scheme to include services.
The composition scheme enables taxpayers with a revenue threshold of up to Rs50 lakh to pay a fixed tax rate and reduce the procedural requirements that have to be followed by businesses in GST.
It has been decided that restaurants with an annual turnover of less than Rs50 lakh can pay a tax at the rate of 5% (2.5% central GST and 2.5% state GST), said revenue secretary Hasmukh Adhia at a press conference after the GST council meeting in New Delhi.Bulk Sms Service provider
Adhia said that the earlier decision of the council was that composition scheme up to Rs50 lakh turnover would be applicable on trading and manufacturing, except certain industries.
Source:-Hindustantimes
The composition scheme enables taxpayers with a revenue threshold of up to Rs50 lakh to pay a fixed tax rate and reduce the procedural requirements that have to be followed by businesses in GST.
It has been decided that restaurants with an annual turnover of less than Rs50 lakh can pay a tax at the rate of 5% (2.5% central GST and 2.5% state GST), said revenue secretary Hasmukh Adhia at a press conference after the GST council meeting in New Delhi.Bulk Sms Service provider
Adhia said that the earlier decision of the council was that composition scheme up to Rs50 lakh turnover would be applicable on trading and manufacturing, except certain industries.
Source:-Hindustantimes
