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) videnotification No. 8/2017-Central Taxdated 27th June,2017. The turnover limit for composition levy has been revised to Rs. 1 crore (Rs. 75 lakhs for specified states)videnotification No. 46/2017-Central Taxdated 13th October,2017.

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[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 theCentral Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on therecommendations of the Council, hereby makes the following amendments in the notificationof 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, PartII, 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 besubstituted;

(ii) for the words fifty lakh rupees, the words, seventy-five lakh rupees shall besubstituted;

 

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

(Ruchi Bisht) Under Secretary to Government of India

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You may also like:

• Download the official notification 46/2017 Central Tax dated 13.10.2017
• Download the official notification 8/2017 Central Tax dated 27.06.2017
• Read the bare act section 10 of CGST Act,2017 Composition Levy