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COMPOSITION SCHEME FOR BULLION TRADERS W.E.F. 01.05.2006 (Mr. Rakesh Gang, FCA) A Composition Scheme for Bullion Traders Features (Inserted by notification no. F.3(82)/Fin.(T&E)/200506/1599 Khan dated

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What is composition scheme for bullion?

Composition scheme for bullion is a special tax scheme designed for small-scale bullion dealers. It allows them to pay a fixed percentage of their turnover as tax instead of the regular GST rates.

Who is required to file composition scheme for bullion?

Bullion dealers with an annual turnover of up to 1.5 crore INR are eligible to opt for the composition scheme for bullion.

How to fill out composition scheme for bullion?

To fill out the composition scheme for bullion, dealers need to fill out Form CMP-02 and submit it to the tax authorities.

What is the purpose of composition scheme for bullion?

The purpose of the composition scheme for bullion is to simplify the tax compliance process for small bullion dealers and reduce their tax burden.

What information must be reported on composition scheme for bullion?

Bullion dealers opting for the composition scheme must report their turnover, details of purchases and sales, and other prescribed information as per the GST regulations.

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