Composition scheme increased to Rs. 1 cr – Notification no. 46/2017
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Seeks to amend notification No. 8/2017-Central Tax.
The turnover limit for Composition Scheme under GST is governed by section 10 of CGST Act,2017. As per the powers given us/10; Central Government with recommendations of? council had decided the turnover limit to be Rs. 75 Lakhs (Rs. 50 lakhs for specified states) vide?notification No. 8/2017-Central Tax??dated 27th June,2017.? The turnover limit for composition levy has been revised to Rs. 1 crore (Rs. 75 lakhs for specified states)?vide?notification No. 46/2017-Central Tax??dated 13th October,2017.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II,?SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
New Delhi, the 13th October, 2017
G.S.R. (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 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,-
(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)]
Under Secretary to Government of India
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