Search results
Nov 4, 2024 · A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh. As per the CGST (Amendment) Act, 2018, a composition dealer can also supply services to an extent of ten percent of turnover, or Rs.5 lakhs, whichever is higher.
Aug 29, 2020 · A new sub-section (2A) is being inserted in Section 10 of the CGST Act, 2017 to bring in an alternative composition scheme for supplier of services or mixed suppliers (not eligible for the earlier composition scheme) having an annual turnover in preceding financial year up to ₹ 50 lakhs.
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.
Aug 22, 2019 · Accordingly, a composition scheme is made available to services providers (or mixed suppliers), with an aggregate turnover in the preceding financial year up to INR 50 lakhs. The methodology to compute aggregate turnover is given in Section 2 (6).
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.
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.)
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.
Sep 11, 2023 · Turnover limit: Businesses with an annual aggregate turnover of up to Rs. 15,00,000 (Rs. 18,75,000 in special category states) in the preceding financial year are eligible for the Composition Scheme.
The turnover limit for the Composition Scheme typically ranges from ₹20 lakhs to ₹1.5 crores, depending on the state. Tax Rates Under Composition Scheme. Businesses under this scheme pay tax at a fixed rate based on their turnover: Manufacturers, traders: 1% of turnover. Restaurants: 5% of turnover. Service providers cannot opt for this scheme.
GST Composition Scheme Turnover Limit: The maximum turnover for a company that wants to be part of the GST composition scheme is INR 1.5 crore. This amount of income indicates which businesses can choose the Composition Scheme to simplify their taxes and reduce rates.
