GoM set up under Assam FM Himanta Biswa Sarma to review composition scheme

On October 6, 2017, Goods and Services Tax (GST) Council, chaired by Finance Minister Arun Jaitley constituted a group of ministers (GoM) to make the ‘composition scheme’ more attractive and also revisit GST rates on restaurants.GoM set up under Assam FM Himanta Biswa Sarma to review composition scheme.The GoM has been set up under Assam Finance Minister Himanta Biswa Sarma and will submit its report within 2 weeks. Bihar Deputy Chief Minister Sushil Modi, Jammu and Kashmir Finance Minister Haseeb Drabu, Punjab Finance Minister Manpreet Singh Badal  and Chhattisgarh Minister of Commercial Taxes Amar Agrawal are the other members of the GoM. The GoM has been set up to make ‘composition scheme’ more effective as only 15.50 lakh businesses out of the total 98 lakh registered under the goods and services tax (GST) regime have opted for this scheme. As per the latest GST norms, businesses with annual sales up to Rs. 1 crore can avail benefits under ‘composition scheme’ which permits liberal quarterly tax return filing and payment scheme.

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