Compositionscheme under GST

[Aitha RajyaLakshmi]

Sir,

Whether the rates prescribed (0.5%, 1%, 2.5%) for the Assesses availing Composition scheme is the final rate taxable or this is only the rates in CGST Bill and the tax rate for levy is to be doubled (CGST+SGST) i.e., 1%, 2%, 5%.

AI Summary

GST Composition Scheme Rates Include Both CGST and SGST; Final Rates Are 1%, 2%, and 5% A discussion on a forum addressed the tax rates under the Goods and Services Tax (GST) Composition Scheme. The query was whether the prescribed rates (0.5%, 1%, 2.5%) are final or if they should be doubled to include both Central GST (CGST) and State GST (SGST). Responses clarified that these rates already include both CGST and SGST. It was noted that the CGST Act provisions apply to CGST, and similar provisions would apply to SGST through state legislation. The consensus was that the rates are 1%, 2%, and 5% under the composition scheme.