In the 23rd GST Council Meeting, various changes have been made in the Composition Scheme, and notification of change tax rate have been issue on dated 01.01.2018, These Changes are as follows: -(Tax Rate For Composition Scheme)
1.After the Changes, Tax Rate are as follows:-(composition scheme rate under gst)
| Category | Rate of Tax, and Changes (composition scheme rate under gst) |
| Manufacturers: | Uniform rate of tax @ 1% under composition scheme ( Notification No.1/2018- Central Tax, dated -01.01.2018 ) |
| Traders: –
| For traders, turnover will be counted only for supply of taxable goods; thus no 1% tax on exempted goods and Uniform rate of tax @ 1% under composition scheme. |
| Restaurant:– | No change for composition scheme for restaurant. Uniform rate of tax @ 5% under composition scheme (Not Serving alcohol) |
(composition scheme rate under gst)
Eligibility for composition will be increased to Rs. 1.5 Crore per annum ( CGST and SGST Acts to be amended)
Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same.
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