https://www.taxtmi.com/acts?id=23127 Composition Levy allows a registered taxable person with aggregate turnover in the preceding financial year not exceeding fifty lakh rupees to pay a prescribed substitute amount instead of regular tax, subject to prescribed conditions and Council recommendation; permission lapses once turnover exceeds fifty lakh rupees. The scheme excludes certain suppliers and notified manufacturers; a composition taxpayer shall not collect tax from recipients nor claim input tax credit. Ineligibility attracts tax and penalty with specified sections applying mutatis mutandis for determination. en-us Mon, 28 Nov 2016 10:57:47 +0530 Mon, 28 Nov 2016 15:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=23127 Composition Levy allows a registered taxable person with aggregate turnover in the preceding financial year not exceeding fifty lakh rupees to pay a prescribed substitute amount instead of regular tax, subject to prescribed conditions and Council recommendation; permission lapses once turnover exceeds fifty lakh rupees. The scheme excludes certain suppliers and notified manufacturers; a composition taxpayer shall not collect tax from recipients nor claim input tax credit. Ineligibility attracts tax and penalty with specified sections applying mutatis mutandis for determination. Act-Rules Bill Mon, 28 Nov 2016 10:57:47 +0530 https://www.taxtmi.com/acts?id=23127