GST Composition limit

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student
69 Points Joined August 2014
What is the current limit for GST composition scheme...... 1.5 cr or 75 lakhs???
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On 04 April 2018 at 13:28 Report
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Chartered Accountant
12739 Points Joined December 2016

A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme.

In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.

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On 04 April 2018 at 13:35
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Student
2282 Points Joined October 2017

Businesses with annual turnover upto Rs 1.5 crore can opt for composition scheme.

But in case of North-Eastern states and Himachal Pradesh the said limit is Rs. 75lakhs

 

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On 04 April 2018 at 13:45
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student
69 Points Joined August 2014
Thanks a lot..... but my question is ..... when you see the decisions taken in the gst 23rd council meeting it is written there that 'limit to be increased to 1.5 cr'.... so whether it will be deemed as limited increased?
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On 04 April 2018 at 13:51
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Chartered Accountant
12739 Points Joined December 2016

Composition scheme changes

    • Enhancing threshold for Composition Scheme to Rs 3-5 crore from the current limit of Rs 1 crore
    • RCM under section 9(4) to be made applicable to a composition dealer as well . 

it is proposed not final .

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On 04 April 2018 at 13:54
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Student
2282 Points Joined October 2017

Read this Article

https://economictimes.indiatimes.com/small-biz/policy-trends/gst-composition-scheme-for-small-taxpayers-extended-to-rs-1-5-crore/articleshow/61597635.cms

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On 04 April 2018 at 13:55


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