Turnover Limit for Composition Levy for CGST revised

Central Government vide Notification No. 46/2017- Central Tax dated 13th October,2017 has revised the turnover limit for Composition Levy from Rs. 75 lakhs to Rs. 1 crore. Thus, an eligible registered person, whose aggregate turnover in the preceding financial year did not exceed Rs.1 crore, may opt to pay tax under composition levy at prescribed rates i.e. 1%, 2.5%, 0.5% as the case may be under respective Acts.

However, for the following States turnover limit for composition levy is revised from 50 lakhs to 75 lakhs in the case of an eligible registered person:

Arunachal Pradesh

Assam

Manipur

Meghalaya

Mizoram

Nagaland

Sikkim

Tripura

Himachal Pradesh

It may be noted that State of J&K and Uttarakhand have opted for Rs.1 Crore Turnover limit instead of Rs.75 Lacs.

Comment: The upward revision of turnover limit for composition levy to Rs. 1 crore will work in favour of small assessees who may now get covered in the prescribed limit and avail the benefit of composition scheme.

Source- ICAI

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 46/2017- Central Tax

New Delhi, the 13th October, 2017

G.S.R. 1287(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 amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 8/2017- Central Tax, dated the 27 th 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,-

(i) for the words “seventy-five lakh rupees”, the words, “one crore rupees” shall be substituted;

(ii) for the words “fifty lakh rupees”, the words, “seventy-five lakh rupees” shall be substituted;

[F. No. 354/117/2017- TRU (Pt. III)]

(Ruchi Bisht)
Under Secretary to Government of India

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