Updated By: LatestGKGS Desk
GST Council revison, threshold limit for Composition scheme raised-ease small exports
GST Council revision, threshold limit for Composition scheme raised-ease for small exports
Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has approved the several facilitative changes to ease the burden of compliance on small and medium businesses.
The GST Council, in its 22nd Meeting which was held on 6 October 2017 in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs.
As the Composition Scheme shall be made available to taxpayers having the annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs.
This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs.
The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018.
The option once exercised shall become operational from the first day of the month immediately succeeding the month in which the option to avail the composition scheme is exercised.
