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Under the GST Composition Scheme, small businesses benefit from simplified tax compliance by filing quarterly returns instead of monthly ones.
The primary return form for such taxpayers is CMP-08, which must be submitted by the 18th of the month following each quarter.
Applicable GST Rates:
1) 1% for traders and manufacturers
2) 5% for restaurants (not serving alcohol)
3) 6% for notified service providers
However, it’s important to note that taxpayers registered under this scheme cannot issue tax invoices and are not eligible to claim Input Tax Credit (ITC).
Filing GST returns on time helps businesses fulfill their legal obligations under the GST regime, ensuring they remain compliant with tax laws.
Delayed return filing can attract penalties and interest charges. Timely submission helps avoid these additional costs.
GST returns promote transparency by providing a clear record of tax liabilities and payments—helpful during audits or financial reviews.
Regular filing helps businesses track taxes, monitor cash flow, and manage expenses more effectively, contributing to overall financial stability.
Maintaining up-to-date records through GST returns simplifies internal accounting and supports informed decision-making for business growth..
Businesses that consistently comply with return filing timelines are seen as trustworthy, improving relationships with vendors, clients, and regulatory bodies.
Suretax provides expert business and financial consulting services, ensuring strategic growth and success for our clients.
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