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  1. cleartax.in › s › gst-composition-schemeGST Composition Scheme: Rules, Turnover Limit, Rate, Benefits

    Nov 4, 2024 · Know about the GST composition scheme rate, rules, limit, benefits and how to check your eligibility. Read GST Composition Scheme in detail with its merits, demerits & transition provisions.

  2. taxguru.in › goods-and-service-tax › compositionComposition Scheme-GST Rate & Threshold Limit under GST Law

    Aug 29, 2020 · Composition Scheme -GST Rate & Limit [Notification No. 08/2017 – Central Tax, dated 27.06.2017] Applicability Period: – These Rates are applicable from 01 July 2017 to 31st Dec 2017. Threshold Limit: – Rs. 75 lakhs (Rs. 50 Lakhs for Special Category Sate) from 01 st July 2017 to 13 th October, 2017.

  3. cbic-gst.gov.in › pdf › faq-manualFrequently Asked Questions on Composition Levy

    Which are the Special Category States in which the turnover limit for Composition Levy for Central tax and State tax purpose shall be Rs. 50 lakhs? Ans. Composition scheme is a scheme for payment of GST available to small taxpayers whose aggregate turnover in the preceding financial year did not cross Rs. 75 lakhs.

  4. cleartax.in › s › composition-scheme-under-gstComposition Scheme Under GST Explained - ClearTax

    May 28, 2024 · The article provides updates on the Goods and Services Tax Law composition scheme, eligibility criteria, benefits, and disadvantages. It also explains how to calculate aggregate turnover, applicable tax rates, effective date, record-keeping, and other relevant details about the composition scheme.

  5. taxguru.in › goods-and-service-tax › gst-compositionComposition Levy under GST- Detailed Analysis - Tax Guru

    May 10, 2020 · Limit under GST Composition Scheme. As per Section 10 (1) of CGST Act, 2017 A registered person whose aggregate turnover in the previous financial year did not exceed 1.5 crore (As amended by the Notification No. 14/2019 – Central Tax New Delhi, the 7th March, 2019.)

  6. taxguru.in › goods-and-service-tax › serviceService Providers under GST Composition Scheme – An Overview

    Aug 22, 2019 · One was, introduction of higher threshold limit for GST registration for supplier of goods and another was, revising the composition scheme by extending the benefit of scheme to all service providers and easing the compliance norms. Aforesaid amendments were made effective from 1st April, 2019.

  7. economictimes.indiatimes.com › wealth › taxWhat is composition scheme of GST, who is eligible and how to ...

    Sep 18, 2023 · For restaurants the turnover threshold limit is Rs 1.5 crore. For example, Ramesh from Gwalior has a handicraft store. This financial year he expects his turnover to be around Rs 55 lakh. So, Ramesh can opt for the composition scheme under GST this financial year since his turnover is expected to be below Rs 1.5 crore.

  8. razorpay.com › learn › gst-composition-scheme-benefitsGST Composition Scheme: Turnover Limit, Eligibility & Rates

    Sep 30, 2024 · The composition scheme is a simplified GST tax-paying mechanism for small businesses whose aggregate turnover does not exceed ₹1.5 crore for suppliers of goods or ₹50 lakh for suppliers of services in the preceding financial year. It lowers your compliance burden by enabling a reduced tax rate of 1% to 6% based on your business type.