REVISED THRESHOLD LIMIT FOR COMPOSITION LEVY [As per discussions in the 16th GST Council Meeting held on 11th June, 2017]
GST
Dated:- 12-6-2017
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 ₹ 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 S
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