Composition scheme eligibility clarified; turnover-based thresholds and specified-manufacture exclusions set for opting taxpayers. The notification prescribes that an eligible registered person whose aggregate turnover in the preceding financial year does not exceed the statutory threshold may opt to pay tax under the composition levy in lieu of tax under section 9, with reduced thresholds for certain States. It also disqualifies persons manufacturing specified goods-ice cream and other edible ice, pan masala, and tobacco and manufactured tobacco substitutes-from opting for composition levy, and applies interpretation rules of the First Schedule to the Customs Tariff Act.
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Provisions expressly mentioned in the judgment/order text.
Composition scheme eligibility clarified; turnover-based thresholds and specified-manufacture exclusions set for opting taxpayers.
The notification prescribes that an eligible registered person whose aggregate turnover in the preceding financial year does not exceed the statutory threshold may opt to pay tax under the composition levy in lieu of tax under section 9, with reduced thresholds for certain States. It also disqualifies persons manufacturing specified goods-ice cream and other edible ice, pan masala, and tobacco and manufactured tobacco substitutes-from opting for composition levy, and applies interpretation rules of the First Schedule to the Customs Tariff Act.
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