TURNOVER LIMIT ENHANCED TO 1 CRORE TO OPT FOR COMPOSITION SCHEME
UNDER GST
The Goods and Services Tax Act, 2017 came into force with
effect from 1.7.2017 in India.
The Turnover limit for opting
composition scheme levy of tax increased from Rupees. 50 lakh to seventy-five
lakh on 27.6.2017 and the same has been increased to 1 crore vide Notification
No. 46/2017 under Central Goods and Services Tax Act, 2017 and Notification No.
16/2017 under Union Territory Goods and Services Tax Act, 2017.
The relevant notifications
issued under CGST and UTGST are given below for ready reference.
[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, the13th 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
[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.16/2017- Union Territory Tax
New Delhi, the13th October, 2017
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 10 of
the Central Goods and
Services
Tax
Act, 2017 (12 of 2017)
(hereinafter referred
to as the said Act) read with section 21 of the Union Territory Goods and Services Tax Act,
2017 (14 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.2/2017- Union Territory 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. 648
(E),
dated the 27th June, 2017, namely:-
In the said notification, for
the words “seventy-five lakh rupees”, the words, “one crore
rupees” shall be substituted.
[F. No. 354/117/2017- TRU (Pt. III)]
(Ruchi Bisht)
Under Secretary to Government of India
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