As per sec-10 threshold for turnover is 50lakhs
some authors says 75lalhs
What is the exact threshold limit and of turnover and rate of tax for composition scheme for manufacturer
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Composition scheme
Replies (3)
Earlier threshold limit was 50 lacs but recently in one of the council meetings it was revised to 75 lacs.
Rate for mfr is 2%
(a) one per cent. of the turnover in State or turnover in Union territory in case of
a manufacturer,
(b) two and a half per cent. of the turnover in State or turnover in Union territory
in case of persons engaged in making supplies referred to in clause (b) of paragraph 6
of Schedule II, and
(c) half per cent. of the turnover in State or turnover in Union territory in case of
other suppliers,
Sec 10 states that minimum threshold should be 50 lakh for composition scheme. And it also states that gst council can increase this limit upto 1 crore in future. Hence by exercising this power council has recently increased this limit to 75 lakh, as said by saloni.
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