'Less tax, no input credit' plan for small businesses may return soon

Only 1 mn entities opted for the scheme, meant for specific small businesses

The composition scheme, which is applicable to specific categories of small businesses whose turnover is Rs 75 lakh and below and had been closed on August 16, may return soon.

With just about a million taxpayers opting for the scheme, the goods and services tax (GST) Council will consider reopening the window in its meeting on Saturday in Hyderabad, giving another opportunity to small players to avail of it.

“Smaller players reportedly faced challenges with respect to registration. Some wanted more time to evaluate their business models to comply with the requirements of the composition scheme. So, we want to