Composition levy eligibility: small registered persons may opt to pay prescribed turnover based rates in lieu of tax. Composition levy allows an eligible registered person with aggregate turnover not exceeding fifty lakh rupees in the preceding financial year to pay specified turnover based rates in lieu of tax: one per cent for manufacturers, two and a half per cent for suppliers under clause (b) of paragraph 6 of Schedule II, and half per cent for other suppliers. Manufacturers of ice cream and other edible ice, pan masala, and goods under the tobacco and manufactured tobacco substitutes chapter are excluded; tariff references are to be interpreted with the First Schedule to the Customs Tariff Act, 1975.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Composition levy eligibility: small registered persons may opt to pay prescribed turnover based rates in lieu of tax.
Composition levy allows an eligible registered person with aggregate turnover not exceeding fifty lakh rupees in the preceding financial year to pay specified turnover based rates in lieu of tax: one per cent for manufacturers, two and a half per cent for suppliers under clause (b) of paragraph 6 of Schedule II, and half per cent for other suppliers. Manufacturers of ice cream and other edible ice, pan masala, and goods under the tobacco and manufactured tobacco substitutes chapter are excluded; tariff references are to be interpreted with the First Schedule to the Customs Tariff Act, 1975.
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