CBIC revises the composition scheme with CGST Rules

Jan 30, 2019 | by Avantis RegTech Legal Research Team


On January 29, 2019 the Central Government with the recommendation of the Council makes amendment in notification No.8/2017 - Central tax. The following amendment is :

 

Previously amended Notification :

Notification No. 8/2017-Central Tax

Amended Notification :

Notification No. 05/2019 – Central Tax

An eligible registered person, whose aggregate turnover in the preceding financial year did not exceed seventy five lakh rupees, may opt to pay, in lieu of the central tax payable by him, an amount calculated at the rate of:

(i)                  one percent of the turnover in State in case of a manufacturer,

(ii)               two and a half per cent. of the turnover in State in case of persons engaged in making supplies referred to in clause (b) of paragraph 6 of Schedule II of the said Act, and

(iii)             half per cent. of the turnover in State in case of other suppliers

An eligible registered person, whose aggregate turnover in the preceding financial year did not exceed seventy five lakh rupees, may opt to pay, in lieu of the central tax payable by him, an amount of tax calculated at the rate specified in rule 7 of the Central Goods and Services Tax Rules, 2017.

 

 This notification shall come into force with effect from February 01, 2019.

 

[Notification No. 05/2019 – Central Tax]

URL: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-05-central-tax-english-2019.pdf;jsessionid=6F73AFB42258FE1D3FA06115209C4124


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