Central Tax seeks to further amend notification No. 8/2017 – Central Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 1/2018- Central Tax
New Delhi, the 1st January, 2018
G.S.R. 02(E).— In exercise of the powers conferred by sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 8/2017- Central Tax, dated the 27th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 647 (E), dated the 27th June, 2017, namely:-
In the said notification, in the opening paragraph, –
(a) in clause (i), for the words “one per cent.”, the words “half per cent.” shall be substituted;
(b) in clause (iii), for the words “half per cent. of the turnover”, the words “half per cent. of the turnover of taxable supplies of goods” shall be substituted.
[F. No. 354/320/2017- TRU]
(Ruchi Bisht)
Under Secretary to Government of India
Note: – The principal notification No.8/2017-Central Tax, dated the 27th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 647(E), dated the 27th June, 2017 and last amended by Notification No. 46/2017-Central Tax, dated 13th October, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number GSR 1287 (E), dated the 13th October, 2017.
This is beneficial only for manufacturers who will now required to pay total composition tax at the rate of 1% instead of earlier 2%. Traders are required to pay total composition tax at the old rate of 1%. So, there is no benefit to traders.
conidered may please be read as considered.
I think that concerned authorities have conidered my article entitled – COMPOSITION SCHEME UNDER GST NOT BENEFICIAL FOR TRADERS – published in TAX GURU on 11 Nov. 2017. If so, thanks to the concerned authorities.
Does Half Percent Of Taxale Turnover Includes Exempt Supplies made????