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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>GST Composition Scheme: Reduced Tax Rates for Small Businesses Under Mizoram Act 2017; Penalties for Ineligibility Under Sections 73/74.</h1> Under the Mizoram Goods and Services Tax Act, 2017, registered individuals with an annual turnover not exceeding fifty lakh rupees can opt for a composition levy, paying a reduced tax rate based on their business type: one percent for manufacturers, two and a half percent for specific suppliers, and half a percent for others. Eligibility requires not supplying services, certain goods, or engaging in inter-state or e-commerce supplies. The option lapses if turnover exceeds the limit. Tax cannot be collected from recipients, and no input tax credit is available. Ineligibility incurs penalties under sections 73 or 74.
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