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composition scheme limit...

NAGA (ACCOUNTANT) (519 Points)

08 June 2018

Sir, composition scheme limit ? Pls

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16 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195029 Points)
Replied 08 June 2018

Upto aggregate Turnover of .... 1 Cr for all the states/UT....... but 75 lakhs for North-east states.....

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NAGA (ACCOUNTANT) (519 Points)
Replied 08 June 2018

thank you very much Sir

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195029 Points)
Replied 08 June 2018

Most Welcome, Dear....

NAGA (ACCOUNTANT) (519 Points)
Replied 08 June 2018

Sir, one small doubt, in 17-18, cross 1crore turnover. Now can i take regular scheme compulsory ? or system automatically take me into regular scheme. if i will not take the regular scheme what happen. pls tell me sir

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195029 Points)
Replied 08 June 2018

There is no auto-conversion......... better opt for normal scheme at your earliest.......

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Srinivas Pyata (543 Points)
Replied 08 June 2018

composition scheme limit is increased to 1.5cr

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NAGA (ACCOUNTANT) (519 Points)
Replied 08 June 2018

Sir, pls provide amendment notification number

Srinivas Pyata (543 Points)
Replied 08 June 2018

https://cleartax.in/s/composition-scheme-under-gst

Lalit Lohar (43 Points)
Replied 08 June 2018

sir for all state limit has been increased or for only north eastern states ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195029 Points)
Replied 08 June 2018

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(Department of Revenue)

Notification No. 46/2017- Central Tax

New Delhi, the13th October, 2017

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.8/2017- Central Tax, dated the 27 th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 647 (E), dated the 27 th June, 2017, namely:-

In the said notification,-

(i) for the words “seventy-five lakh rupees”, the words, “one crore rupees” shall be substituted;

(ii) for the words “fifty lakh rupees”, the words, “seventy-five lakh rupees” shall be substituted;

[F. No. 354/117/2017- TRU (Pt. III)]

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195029 Points)
Replied 08 June 2018

The GST Council in its 23rd meeting held on 10th November, 2017; at Guwahati has decided to increase the threshold for composition scheme once again to Rs 1.5 crore and also decided to amend the law to increase the statutory threshold to Rs.2 crore.

“This will only happen after the amendment of law and it is only a proposal,” said Finance Secretary, Hasmukh Adhia.

Lalit Lohar (43 Points)
Replied 08 June 2018

Sir what is the provision in PROPOSAL for North Eastern state as earlier there were separate limit for the same , is this [ 1.5 cr. ] limit applies to all state after amendment of law or there is separate limit for North eastern state in PROPOSAL it self

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195029 Points)
Replied 08 June 2018

For north east states......... GST turnover limit for composition has been increased to 75 lakhs (from earlier 50 lakhs).......... and for remaining states it is just 1 Cr. and proposal to increase it to 1.50Cr is in pipeline !!