Revised Composition Levy Scheme under GST Act, 2017
Central Government introduces revised composition levy scheme under GST Act.
Eligible registered persons with turnover under Rs. 75 lakh may opt for alternative tax payment.
Manufacturers to pay one percent of turnover in the state.
Suppliers engaged in specified supplies to pay two and a half percent.
Other suppliers to pay half percent of turnover in the state.
Exception for registered persons in specific states with turnover under Rs. 50 lakh.
Certain manufacturers ineligible for composition levy scheme, including ice cream, pan masala, and tobacco products.