Composition Levy allows small taxpayers to pay a prescribed substitute tax, barring tax collection and input credit. Composition Levy allows a registered taxable person with aggregate turnover in the preceding financial year not exceeding fifty lakh rupees to pay a prescribed substitute amount instead of regular tax, subject to prescribed conditions and Council recommendation; permission lapses once turnover exceeds fifty lakh rupees. The scheme excludes certain suppliers and notified manufacturers; a composition taxpayer shall not collect tax from recipients nor claim input tax credit. Ineligibility attracts tax and penalty with specified sections applying mutatis mutandis for determination.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Composition Levy allows small taxpayers to pay a prescribed substitute tax, barring tax collection and input credit.
Composition Levy allows a registered taxable person with aggregate turnover in the preceding financial year not exceeding fifty lakh rupees to pay a prescribed substitute amount instead of regular tax, subject to prescribed conditions and Council recommendation; permission lapses once turnover exceeds fifty lakh rupees. The scheme excludes certain suppliers and notified manufacturers; a composition taxpayer shall not collect tax from recipients nor claim input tax credit. Ineligibility attracts tax and penalty with specified sections applying mutatis mutandis for determination.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
