The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley took various decisions including giving approval to increase in turnover limit for the existing Composition Scheme.
The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special Category States would decide, within one week, about the Composition Limit in their respective States.
The limit of composition schemes for goods has been raised to Rs.1.5 crore at 1% GST rate.
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