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of <h1>Assam GST Act 2017: Composition Levy Option for Small Businesses with Turnover Under 50 Lakh and Specific Conditions</h1> Under the Assam 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, paying a prescribed rate instead of standard tax rates. The rates are one percent for manufacturers, two and a half percent for certain suppliers, and half a percent for others. Eligibility excludes those supplying services, non-taxable goods, inter-State goods, or goods via e-commerce operators. The option lapses if turnover exceeds the limit. Ineligible persons opting for the scheme face penalties, and no input tax credit is allowed.
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