CBEC reduces GST rate for composition scheme - Notification no. 1/2018

CBEC reduces GST rate for composition scheme - Notification no. 1/2018

• CBEC has further reduced the GST rate to HALF PERCENT from ONEPERCENTfor the manufacturers who have opted composition scheme.
• CBEC has also notified that other suppliers who have opted for composition scheme, now only turnover of taxable supply of goods will be taxed at half percent rather than aggregate turnover at half percent.

 

[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. 1/2018- Central Tax

New Delhi, the 1st January, 2018

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 10 of theCentral Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on therecommendations of the Council, hereby makes the following further amendments in thenotification 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 27thJune, 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 besubstituted;

(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), videnumber 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 13thOctober, 2017.