Increase in threshold limit for persons opting for Composition scheme under GST
Central Board of Indirect Taxes & Customs has issued a Notification No 14/2019- Central Tax dated 7th March, 2019 to increase the threshold limit for opting the composition scheme under GST by the taxpayers having annual aggregate turnover in the preceding financial year up to Rs. 1 crore to Rs. 1.5 crore.
However, the threshold limit of turnover for opting for composition scheme shall be Rs. 75 lacs for the following states:
- Arunachal Pradesh,
This Notification shall come into force from 1st day of April, 2019.