GST act
This query is : Open
27 December 2016
please explain composition levy in section 8 of GST Act.
27 December 2016
Taxable persons up to the turnover of 50 lacs are trading/manufacturing within the state are eligible for composition levy of 1% on trading and 2.5% on manufacturing. No ITC can be claimed and the levy can't be collected from customer. Composition scheme can't be opted by service provider.
27 December 2016
Thanks Sir
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