composition limit in punjab 20 lac or 40 lac?
Composition limit in Punjab 20 lac or 40 lac?
Pankaj Mahajan (accounts assisstant) (64 Points)
06 September 2019
5 Replies
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 06 September 2019
for the state Punjab it's 40 lack
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 06 September 2019
Limit 1.5 Crore :
As per proviso under section 10(1) substituted by Ammendment Act 31 of 2018 , effective from 1/2/2019 the limit is 1.5 Crore. & can also supply of services of not more then 10% of turnover in preceding FY.
Tax Rate :
2% for Manufacturer
5% for Restaurant Services
1% for Trader
Limit 50 Lac:
As per Notification.2/2019 CT (R) :
can supply goods,or services or both
Rate : 6%
As per proviso under section 10(1) substituted by Ammendment Act 31 of 2018 , effective from 1/2/2019 the limit is 1.5 Crore. & can also supply of services of not more then 10% of turnover in preceding FY.
Tax Rate :
2% for Manufacturer
5% for Restaurant Services
1% for Trader
Limit 50 Lac:
As per Notification.2/2019 CT (R) :
can supply goods,or services or both
Rate : 6%
Uttam
(employee)
(814 Points)
Replied 07 September 2019
composition scheme limit after amendment is 50lacs for any state.
20 and 40 lacs are registration limits.
20 and 40 lacs are registration limits.
Pankaj Mahajan
(accounts assisstant)
(64 Points)
Replied 07 September 2019
registration limits in punjab 20 lakh or 40 lakh ?
Uttam
(employee)
(814 Points)
Replied 07 September 2019
if you are only dealing in goods then you can apply 40lakhs.
if you are into service then 20lacs.
if you are into service then 20lacs.
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