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of <h1>Small Businesses Can Opt for Composition Levy Under Goa GST Act 2017; Conditions Apply, Penalties for Ineligibility</h1> Under the Goa Goods and Services Tax Act, 2017, a registered person with an aggregate turnover not exceeding fifty lakh rupees in the previous financial year may opt for a composition levy instead of regular tax. This levy is calculated at prescribed rates: up to 1% for manufacturers, 2.5% for certain suppliers, and 0.5% for other suppliers. Eligibility requires not engaging in certain activities, such as inter-state supplies. The option lapses if turnover exceeds the limit, and those opting cannot collect tax or claim input tax credit. Ineligibility leads to penalties, with tax and penalty determined under sections 73 or 74.
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