Composition scheme eligibility allows simplified State tax payment at specified turnover-based rates, excluding certain tobacco and related goods. Registered persons with aggregate turnover in the preceding financial year not exceeding fifty lakh rupees may opt to pay composition tax in lieu of State tax at 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 specified goods (ice cream and other edible ice, pan masala, and tobacco and manufactured tobacco substitutes) are excluded from opting for composition. Tariff terms and interpretation follow the First Schedule to the Customs Tariff Act, 1975. The notification is effective from 1st July, 2017.
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 scheme eligibility allows simplified State tax payment at specified turnover-based rates, excluding certain tobacco and related goods.
Registered persons with aggregate turnover in the preceding financial year not exceeding fifty lakh rupees may opt to pay composition tax in lieu of State tax at 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 specified goods (ice cream and other edible ice, pan masala, and tobacco and manufactured tobacco substitutes) are excluded from opting for composition. Tariff terms and interpretation follow the First Schedule to the Customs Tariff Act, 1975. The notification is effective from 1st July, 2017.
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