Q 24. What is the scope of composition scheme under GST?

Ans. Small  taxpayers  with  an  aggregate  turnover  in a financial year up to [Rs. 50 lakhs] shall be eligible for composition  levy.  Under  the  scheme,  a  taxpayer  shall pay tax as a percentage of his turnover during the year without the benefit of ITC. The floor rate of tax for CGST and SGST shall not…