Composition levy

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164 Points Posted on 30 July 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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Quick Summary
The composition levy allows eligible businesses with a turnover below a certain threshold to opt for a simplified tax scheme. For most states, this limit is Rs 1.5 crore, but for special category states like Sikkim, it is reduced to Rs 75 lakh. While this scheme offers simpler record-keeping, it means taxpayers cannot claim input tax credit.

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Sr Accountant
292 Points Posted on 30 July 2020

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
28246 Points Posted on 30 July 2020
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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