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of <h1>Small Businesses Can Opt for Composition Levy Under Punjab GST Act 2017, Section 10, with Specific Conditions and Rates</h1> Under the Punjab Goods and Services Tax Act, 2017, registered persons with an aggregate turnover not exceeding fifty lakh rupees in the preceding financial year may opt for a composition levy instead of the standard tax, subject to conditions. Rates vary: one percent for manufacturers, two and a half percent for specific suppliers, and half a percent for others. Eligibility excludes those supplying services beyond certain exceptions, inter-state goods, or goods via e-commerce requiring tax collection at source. If turnover exceeds limits, the option lapses. Ineligible persons opting for this scheme face penalties.
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