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of <h1>Simplified Tax Scheme: Section 10 of CGST Act Allows Small Businesses to Opt for Lower Tax Rates.</h1> The Composition Levy under Section 10 of the CGST Act allows registered persons with an aggregate turnover not exceeding 50 lakh in the previous financial year to opt for a simplified tax scheme. This threshold can be increased to 1.5 crore by government notification, with a 75 lakh threshold for special category states. The tax rates under this scheme are 1% for manufacturers (excluding certain notified goods), 2.5% for restaurant services, and 0.5% for other suppliers. For services, a 3% rate applies. A person can supply services up to 10% of their turnover or 5 lakh, whichever is higher, without losing eligibility.
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