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Composition scheme recommendations made by the GST Council in the 23rd meeting

11 Nov, 2017 Print

Changes recommended in the 23rd GST Council Meeting regarding Composition Scheme

i.          Uniform rate of tax @ 1% under composition scheme for manufacturers and traders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurant.

ii.         Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same

iii.        Annual turnover eligibility for composition scheme will be increased to Rs 2 crore  from  the  present  limit  of  Rupees  1  crore  under  the  law.  Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum.

iv.        The changes recommended by GST Council at (iii) above will be implemented only after the necessary amendment of the CGST Act and SGST Acts.



News Source : PIB

Place : New Delhi

News Date : 11 Nov, 2017