GST Composition Scheme is an option available to a registered taxpayer whose aggregate turnover in the preceding financial year did not exceed Rs. 1.5 Crore (Rs.75 lakh in respect of the following Special Category States namely:- Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh) may opt to pay, in lieu tax at the normal rates, tax at such rate as prescribed under composition levy.
Rate of GST under Composition
Traders will have to pay 1% tax.
Manufacturers will have to pay 1% tax.
Restaurant businesses will have to pay 5% tax.
Persons not eligible to opt for Compositiom Scheme:-
a) a casual Taxable Person or Non - Resident Taxable Person.
b) Suppliers whose turnover exceeds priscribed limit.
c) Supplier who has Purchased any Goods or Services from Unregistered Supplier unless he had paid GST on such Goods or Servive under RCM.
d) Supplier of Service Other than Restaurant Service.
e) Person supplying Goods which are not Taxable under GST.
f) Person Making any Inter - State Outward Supply of Goods.
g) Suppliers making any Supply of Goods through electronic Commerce Operator who is required to Collect Tax at Source u/s 52.
h) a manufacturer of Ice Cream and other edible ice whether or not containing Cocca, Pan Masala and Tobacco and Manufayured Tobacco Substitutes.
Note:- There is no restriction on Procurring Goods from Inter - State Suppliers by Person opting for Composition Scheme.
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Rate of GST under Composition
Traders will have to pay 1% tax.
Manufacturers will have to pay 1% tax.
Restaurant businesses will have to pay 5% tax.
Persons not eligible to opt for Compositiom Scheme:-
a) a casual Taxable Person or Non - Resident Taxable Person.
b) Suppliers whose turnover exceeds priscribed limit.
c) Supplier who has Purchased any Goods or Services from Unregistered Supplier unless he had paid GST on such Goods or Servive under RCM.
d) Supplier of Service Other than Restaurant Service.
e) Person supplying Goods which are not Taxable under GST.
f) Person Making any Inter - State Outward Supply of Goods.
g) Suppliers making any Supply of Goods through electronic Commerce Operator who is required to Collect Tax at Source u/s 52.
h) a manufacturer of Ice Cream and other edible ice whether or not containing Cocca, Pan Masala and Tobacco and Manufayured Tobacco Substitutes.
Note:- There is no restriction on Procurring Goods from Inter - State Suppliers by Person opting for Composition Scheme.
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