Composition scheme changes in GST as per GST council meet on 10th November, 2017
The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has prescribed the accompanying facilitative changes to facilitate the weight of consistence on small and medium business:
GST Changes in Composition Scheme
1. Uniform rate of tax @ 1% under composition scheme for manufacturers and traders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurant.
2. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same
3. Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum.
4. The changes recommended by GST Council at (iii) above will be implemented only after the necessary amendment of the CGST Act and SGST Acts.
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