https://www.taxtmi.com/acts?id=30550 A composition levy allows a registered person below the prescribed turnover threshold to opt to pay a prescribed fixed rate instead of regular tax, subject to specified capped rates and Government-prescribed threshold limits. Eligibility excludes suppliers of certain services, tax-exempt goods, inter-state outward supplies, supplies via an electronic commerce operator required to collect tax at source, and notified manufacturers; persons sharing a Permanent Account Number must opt collectively. The option lapses on exceeding the turnover threshold, forbids collection of tax from recipients and input tax credit, and attracts assessment and penalty provisions if improperly availed. en-us Tue, 25 Jul 2017 17:31:28 +0530 Wed, 09 Aug 2017 18:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=30550 A composition levy allows a registered person below the prescribed turnover threshold to opt to pay a prescribed fixed rate instead of regular tax, subject to specified capped rates and Government-prescribed threshold limits. Eligibility excludes suppliers of certain services, tax-exempt goods, inter-state outward supplies, supplies via an electronic commerce operator required to collect tax at source, and notified manufacturers; persons sharing a Permanent Account Number must opt collectively. The option lapses on exceeding the turnover threshold, forbids collection of tax from recipients and input tax credit, and attracts assessment and penalty provisions if improperly availed. Act-Rules GST - States Tue, 25 Jul 2017 17:31:28 +0530 https://www.taxtmi.com/acts?id=30550