<h1>GST Composition Levy: Simplified Tax for Small Businesses with Turnover up to Rs. 75 Lakhs; Pay Reduced Rates.</h1> The composition levy under GST is an optional tax scheme for small taxpayers with a turnover of up to Rs. 75 lakhs (Rs. 50 lakhs in certain states), allowing them to pay tax at a reduced rate based on turnover. It simplifies compliance and reduces costs. Rates vary by category: 2% for manufacturers (excluding certain goods), 5% for restaurant services, and 1% for traders. Eligibility excludes certain suppliers and those exceeding turnover limits. Composition taxpayers cannot claim input tax credit and must file quarterly returns. If turnover exceeds limits, they must switch to the regular tax scheme and can claim input tax credit on existing stock.