Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Revised Threshold for Composition Scheme - 11.06.2017: EximGuru.com



REVISED THRESHOLD LIMIT FOR COMPOSITION LEVY
[As per discussions in the 16th GST Council Meeting held on 11th June, 2017]

Sub section (1) of section 10 read with sub-section (2) of the same section of the Central Goods and Services Tax Act, 2017 [CGST Act] provides that an eligible registered person, whose aggregate turnover in the preceding financial year did not exceed Rs.50 lakh, may opt to pay, in lieu of the tax payable by him, an amount calculated at the rate of:

1. 1% of turnover in State or turnover in Union Territory in case of a manufacturer;

2. 2.5% of turnover in State or turnover in Union Territory in case of persons engaged in making supplies referred to in Paragraph 6(b) of Schedule II to the CGST Act; and

3. 0.5% of turnover in State or turnover in Union Territory in case of other suppliers.

2. The said sub-section also provides that the said limit may be increased upto Rs.1 crore on the recommendations of the GST Council

3. The GST Council, in its meeting held on 11th June, 2017, has recommended increase in the aforesaid turnover limit for Composition Levy for CGST and SGST purposes from Rs.50 lakh to Rs.75 lakh in respect of all eligible registered persons, referred to in the aforesaid subsection. However, whether the same increased turnover limit for Composition levy will apply in case of Special Category States or not will be decided in the next GST Council meeting.



Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 17-09-2020
Notification No. 45/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 17-09-2020
Notification No. 88/2020 - Customs (N.T.)
Exchange Rate Notification No.88/2020-Cus (NT) dated 17.09.2020

Date: 17-09-2020
Notification No. 34/2020-Customs
Seeks to further amend notification No. 50/2017-Customs dated 30.06.2017 so as to reduce the Basic Customs Duty on Lentils (Mosur) for the period from 18th September, 2020 to 31st October, 2020.

Date: 14-09-2020
Notification No. 44/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 10-09-2020
Notification No. 43/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 09-09-2020
Notification No. 86/2020-Customs (N.T.)
Appointment of CAA in case of M/s Esprit Overseas

Date: 07-09-2020
Notification No. 33/2020–Customs
Seeks to amend notification No. 50/2017-Customs, dated 30.06.2017 so as to exempt BCD on paper based taggants, including M-Feature.

Date: 04-09-2020
Notification No.85/2020-C
Notification No.85/2020-Customs (N.T.) dated 04.09.2020 to amend Notification No.92/2017 -Customs(N.T.) dated 28.09.2017.

Date: 03-09-2020
Notification No. 84/2020 - Customs (N.T.)
Exchange Rates Notification No.84/2020-Custom (NT) dated 03.09.2020

Date: 03-09-2020
Notification No. 41/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001