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G ST for composition tax payer

Arsalaan Khan (1 Points)

14 March 2019

what is new amendment for G S T for composition tax payer

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Kanika khetan (Sr. Associate) (331 Points)
Replied 16 March 2019

Amendment for Feb 2019: There is an amendment in aggregate turnover limit specified for service sector which is Rs. 50 lakhs now and the rate specified of such services in 6%.

Aggregate turnover limit for manufacturers and traders is also amended. It is increased to Rs. 1.5 crore. Now manufacturer or trader with aggregate turnover upto 1.5 crore can opt for composition scheme.

Another amendment which was proposed but became applicable from feb 2019 is any manufacturer or trader can also provide service under same registration and can still opt for composition but the service value should not be more than 10% of aggregate turnover or Rs. 5 lakh whichever is heigher.

For more details regarding composition scheme you can visit GST Composition scheme lecture as amended upto Feb 2019 by CA Kanika Khetan on YouTube channel UNICOM for free.