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Composition Limit

CA Amit Mehta (PROFESSIONAL) (35 Points)

30 January 2018

what is limit for composition Dealer?? 1 Cr or 1.5 Cr?

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6 Replies

Tamil Selvan S (110 Points)
Replied 30 January 2018

1.5 crore (latest amendment)

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CA Amit Mehta (PROFESSIONAL) (35 Points)
Replied 30 January 2018

will you please send Notification Number for Reference..as i was in the same opinion, but couldn't find Notification.

Tamil Selvan S (110 Points)
Replied 30 January 2018

Sry i dont have notification reference..
As i was a IPCC student, my faculty told me that 1.5 cr was the latest amendment..
but for may 2018 examination, 1.5 cr will not apply.. (as the amendment was after oct 31,2017)
(1 cr will apply for may 18 exam)

Vamshi Krishna Javvaji (CA) (410 Points)
Replied 31 January 2018

Dear Amit, As on date, it is one crore only, refer notificatin no 46/2017. https://vamshigst.blogspot.in/2018/01/cgst-notifications-issued-till-date.H T M L?m=1 In one of the council meetings it was decided to increse the limit upto 1.5cr. But no notifications were issued till date. Since the amount is higher than the upper limit specified in sec10, it requires the amendment of the act. The same is expected in this budget. Regards, Vamshi

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CA Amit Mehta (PROFESSIONAL) (35 Points)
Replied 31 January 2018

Thanks for perfect Answer as i was thinking about....

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Lakshman (articles) (27 Points)
Replied 31 January 2018

As per 10(1) eligilibity for composition scheme says limit is 1.5 cr of turnover and 1cr turnover for special states
Turnover includes exmpted sales also