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GST Composition limit
What is the current limit for GST composition scheme...... 1.5 cr or 75 lakhs???
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A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme.
In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.
Businesses with annual turnover upto Rs 1.5 crore can opt for composition scheme.
But in case of North-Eastern states and Himachal Pradesh the said limit is Rs. 75lakhs
Thanks a lot..... but my question is ..... when you see the decisions taken in the gst 23rd council meeting it is written there that 'limit to be increased to 1.5 cr'.... so whether it will be deemed as limited increased?
Composition scheme changes
-
- Enhancing threshold for Composition Scheme to Rs 3-5 crore from the current limit of Rs 1 crore
- RCM under section 9(4) to be made applicable to a composition dealer as well .
it is proposed not final .
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