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Composition levy

IPCC 231 views 2 replies
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164 Points Joined April 2020
What is the turnover limit for a taxable person under composition scheme if he doing business in sikkim (special category state) and tamilnadu
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On 30 July 2020 at 06:42 Report
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Sr Accountant
292 Points Joined January 2015

A taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. In case Special category states, the limit is Rs 75 lakh.

Subjects to conditions and limitation applicable for composition scheme  

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On 30 July 2020 at 08:18
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Profession Business
28196 Points Joined May 2017
Yes,composition scheme has some benefits.
They do not have maintain such intricate details of invoice .They are not entitled to take input tax credit.
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On 30 July 2020 at 08:54

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