GSTN Update: Taxpayers Can Opt for Composition Scheme for FY 2025-26 from 4th Feb to 31st March 2025

The GSTN has announced that taxpayers can opt for the Composition Scheme for the Financial Year (FY) 2025-26 between February 4 and March 31, 2025. This scheme is aimed at simplifying compliance for small businesses by offering a reduced tax rate and removing the need for detailed documentation. Eligible taxpayers, with an annual turnover below Rs. 1.5 crore, can register for the scheme to benefit from the lower tax rates, making it an attractive option for businesses with limited resources. The scheme covers various sectors, including manufacturing, services, and trading, and helps businesses save time and money on tax filing and other formalities.