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GST Composition Scheme Turnover Limit Increased to Rs. 1 Crore
October 10, 2017
Yesterday, the Goods and Services Tax (GST) Council took several important decisions during the scheduled meeting. One of these was the increase in the turnover limit for the GST scheme which is now set to Rs. 1 crore from the current Rs. 75 lakhs. This means that a greater number of businesses will get to enjoy the benefits of the scheme which include less paperwork and lower tax rates of 1%, 2%, and 5% for traders, manufacturers, and restaurants, respectively.
Many businessmen are still disappointed by the move, however, as they expected the new limit to be set at Rs. 1.5 crores.
