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of <h1>Section 10 of Karnataka GST Act: Simplified Tax Scheme for Small Businesses with Turnover Under 50 Lakh Explained</h1> Section 10 of the Karnataka Goods and Services Tax Act, 2017, outlines the composition levy, allowing registered persons with an aggregate turnover not exceeding fifty lakh rupees in the preceding financial year to opt for a simplified tax payment scheme. This scheme involves paying a prescribed rate, up to one percent for manufacturers, two and a half percent for specific suppliers, and half a percent for others. Eligibility requires not engaging in certain activities, such as inter-State supplies or using electronic commerce operators. The option lapses if turnover exceeds the limit, and ineligibility may result in penalties.
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