What is composition scheme in GST act & closing stock tax rate?

What is composition scheme in GST act & closing stock tax rate?

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The composition scheme under GST is a regime under which the taxpayer is not required to issue the taxable invoice and charge tax as per the slab rates. instead, they have to pay tax @1% of the total turnover without availing input tax credit on the purchases. also, they have to file GSTR4 on a quarterly basis. They need not maintain regular books of accounts. the closing stock will be taxed at the rate applicable on the particular item.

Answered on March 23, 2018.
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Gen GST