Composition levy option for small taxpayers permits flat-rate tax with specified product exclusions and tariff-based interpretation. Composition levy is available to eligible registered persons with aggregate turnover in the preceding financial year not exceeding seventy five lakh rupees, allowing them to pay specified flat rates in lieu of tax: one per cent for manufacturers, two and a half per cent for persons supplying items 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 all goods under the tobacco chapter are excluded. References to tariff classifications follow 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 option for small taxpayers permits flat-rate tax with specified product exclusions and tariff-based interpretation.
Composition levy is available to eligible registered persons with aggregate turnover in the preceding financial year not exceeding seventy five lakh rupees, allowing them to pay specified flat rates in lieu of tax: one per cent for manufacturers, two and a half per cent for persons supplying items 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 all goods under the tobacco chapter are excluded. References to tariff classifications follow the First Schedule to the Customs Tariff Act, 1975.
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