GST returns under composition scheme have a surprise: Finance Secretary

GST returns filed by companies opting for the GST composition scheme has left the government surprised as 5 lakh companies reported such a turnover which works out to annual sales of Rs 5 lakh only. Businesses with turnover up to Rs 20 lakh are exempt from the Goods and Services Tax (GST) regime, which kicked in from July 1, 2017. Out of 10 lakh businesses that opted for the composition scheme dur…