Provision: Central Government, under the Central Goods and Services Tax Act, 2017, introduces amendments superseding the previous notification, allowing eligible registered persons to opt for composition levy.
Eligibility Criteria: Registered persons with aggregate turnover not exceeding 1.5 crore rupees in the preceding financial year may opt for composition levy, subject to certain conditions.
Special Provision: Aggregate turnover limit reduced to seventy-five lakh rupees for eligible registered persons in specific states: Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Uttarakhand.
Exclusion: Manufacturers of specified goods such as ice cream, pan masala, and tobacco are ineligible for the composition scheme.
Explanation: Clarifies terms like "tariff item," "sub-heading," and others, referencing the Customs Tariff Act, 1975 for interpretation.
Effective Date: Notification effective from April 1, 2019.
Purpose: Aimed at simplifying tax compliance for small businesses while ensuring regulatory clarity and uniformity across states.