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Composition levy framework revised to set distinct categories and applicable rates for manufacturers and specified suppliers. The amendment to rule 7 replaces the composition levy table to set turnover based tax rates for specified categories: manufacturers (excluding notified goods) at a reduced rate; suppliers identified under the Schedule provision at a higher rate; other eligible suppliers at the reduced rate on taxable supplies; and registered persons ineligible for the standard composition but eligible to opt under an alternative provision at a distinct opt in rate. The rules are made effective from the start of the fiscal year and issued under state GST rule making authority.
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Composition levy framework revised to set distinct categories and applicable rates for manufacturers and specified suppliers.
The amendment to rule 7 replaces the composition levy table to set turnover based tax rates for specified categories: manufacturers (excluding notified goods) at a reduced rate; suppliers identified under the Schedule provision at a higher rate; other eligible suppliers at the reduced rate on taxable supplies; and registered persons ineligible for the standard composition but eligible to opt under an alternative provision at a distinct opt in rate. The rules are made effective from the start of the fiscal year and issued under state GST rule making authority.
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