https://www.taxtmi.com/acts?id=25737 Composition levy allows a registered person with aggregate turnover not exceeding fifty lakh rupees to opt to pay a prescribed amount in lieu of tax at prescribed rates subject to conditions and eligibility restrictions; the Government may raise the turnover ceiling up to one crore rupees. The option lapses if aggregate turnover in a financial year exceeds the limit. A composition taxpayer cannot collect tax from recipients nor claim input tax credit. Wrongful use of the composition option by an ineligible person exposes them to tax and penalty with applicable determination provisions. en-us Sat, 17 Jun 2017 10:20:07 +0530 Mon, 26 Jun 2017 12:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=25737 Composition levy allows a registered person with aggregate turnover not exceeding fifty lakh rupees to opt to pay a prescribed amount in lieu of tax at prescribed rates subject to conditions and eligibility restrictions; the Government may raise the turnover ceiling up to one crore rupees. The option lapses if aggregate turnover in a financial year exceeds the limit. A composition taxpayer cannot collect tax from recipients nor claim input tax credit. Wrongful use of the composition option by an ineligible person exposes them to tax and penalty with applicable determination provisions. Act-Rules GST - States Sat, 17 Jun 2017 10:20:07 +0530 https://www.taxtmi.com/acts?id=25737