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of <h1>India Cuts Tax Rate for Manufacturers to 0.5% Under Composition Scheme, Effective January 1, 2018.</h1> The Government of India, through the Ministry of Finance, has issued Notification No. 1/2018 to amend Notification No. 8/2017 - Central Tax. This amendment, effective from January 1, 2018, modifies the tax rates under the composition scheme for manufacturers and other suppliers. Specifically, the tax rate is reduced from one percent to half a percent, and the calculation basis is clarified to be on the turnover of taxable supplies of goods. This change is made under the authority of the Central Goods and Services Tax Act, 2017, following the recommendations of the GST Council.
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