Changes recommended in Composition Scheme by GST Council
Press Information Bureau
Government of India
Ministry of Finance
10-November-2017 20:48 IST
The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today.
(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 (ii) and (iii) above will be implemented only after the necessary amendment of the CGST Act and SGST Acts.
***
DsM/SBS
RBI specifies ‘Related Party’ with respect to bank RBI has issued RBI Credit Risk Management Directions, 2025 defining ‘Related Party’…
Advisory on Filing Opt-In Declaration for Specified Premises, 2025 Dear Taxpayers, The relevant declarations issued vide Notification No. 05/2025 –…
FAQs for HSNS Cess Act, 2025 and HSNS Cess Rules, 2026 Q1. Who is required to get registered under the…
Refusing to condone delay can result in a meritorious matter thrown out at very threshold against case being decided on…
When prior period expenses are not admissible as deduction, following the same principle the prior period income also cannot be…
Supreme Court condoned delay of 972 days in filing appeal due to restructuring in Income Tax Department In a recent…