Goods and Services Tax Act, which came into effect on 1st July 2017, has now replaced most of the indirect taxes in India, with a single tax. The GST Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. The new tax regime brought with itself a whole new set of procedures, which has not been easy to adapt to, initially.
While the big business is capable enough the get the expertise and professional services to cope up with the complexities, the case may not be the same with the smaller ones. To provide for an alternative option to the smaller businesses, the Regular Scheme Under GST- Composition Scheme has been launched.
about 4 months ago