How to determine Turnover limit for availing the benefit of composition scheme? Is it required to be determined each year on the basis of turnover of the previous year?

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....n 10(1) a registered person, whose aggregate turnover in the preceding financial year did not exceed Seventy five lakh rupees or fifty lakh rupees as the case may be, may opt to pay tax at composite rate as specified. Therefore, to determine the eligibility for composition scheme, turnover the previous year is to be ascertained and considered. For example, if during the Year his turnover was bel....