Composition scheme increased to Rs. 1 cr – Notification no. 46/2017


Composition scheme increased to Rs. 1 cr – Notification no. 46/2017

LATEST>>>CBEC reduces GST rate for composition scheme – Notification no. 1/2018 dated 1st January,2018

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)

Notification No. 46/2017- Central Tax

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)]

(Ruchi Bisht)
Under Secretary to Government of India


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  1. Is there any notification for the increase of turnover limit for composition to 1.5 crore as per GST council decision of November 2017 ? Please provide reference if any

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