The Composition Scheme under GST is a simplified taxation system designed for small businesses with a limited annual turnover. It helps reduce the compliance burden by allowing eligible taxpayers to pay GST at a fixed rate on their turnover instead of maintaining detailed tax records and filing multiple returns. This scheme is beneficial for small traders, manufacturers, and service providers who want a hassle-free tax process. However, businesses opting for the Composition Scheme cannot claim Input Tax Credit (ITC) and must comply with specific eligibility criteria. Professionals seeking practical knowledge about such GST provisions often enroll in GST Training in Chennai at FITA Academy to gain a better understanding of GST compliance and taxation procedures.