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of <h1>India Sets Turnover Limit for Composition Levy Under UTGST Act; Excludes Certain Manufacturers from Scheme Eligibility.</h1> The Government of India, through Notification No. 2/2017, specifies the turnover limit for the Composition Levy under the Union Territory Goods and Services Tax (UTGST) Act. Eligible registered persons with an aggregate turnover not exceeding one crore rupees in the previous financial year may opt to pay tax at specified rates: 0.5% for manufacturers, 2.5% for certain suppliers, and 0.5% for other suppliers. However, manufacturers of goods such as ice cream, pan masala, tobacco products, fly ash bricks, and certain types of bricks and tiles are excluded from this scheme. The notification includes detailed tariff classifications for these exclusions.
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