Latest: Turnover limit for Composition Levy increased from 50 Lakh to 75 Lakh
by Paras Mehra 1.94K
In the 16th meeting of the GST council headed by Finance Minister Arun Jaitley, the turnover limit for composition levy has been increased from 50 Lakh to 75 Lakh.
The composition scheme is a benefit extended to the small business by the government whose turnover is less than 75 lakh (earlier Rs.50 lakh).
Further, in order to avail the benefit of composition scheme, you must fulfill the following conditions:
1. Composition benefit is not available to service providers.
2. No interstate sales are allowed
3. You must not be a ecommerce seller on Amazon or flipkart.
4. You need to file intimation to government before availing the benefit under the scheme.
5. You should not deal with unregistered person.
Conclusion
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