Composition

If you're a rice trader with a turnover below ₹1.5 crore (or ₹75 lakh where applicable) in the preceding financial year, you can opt for the Composition Scheme. This scheme involves a tax rate of 0.5% CGST and 0.5% SGST on taxable supplies within your state. However, be aware that you cannot claim Input Tax Credit (ITC), must issue a Bill of Supply instead of a tax invoice, and are restricted from making inter-state supplies.