Goods and Services Tax – 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 State or turnover in Union Territory in case of persons engaged in making supplies referred to in Paragraph 6(b
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =