Increase in threshold limit for persons opting for Composition scheme under GST
Central Board of Excise & Customs has issued a Notification No 46/2017- Central Tax on 13/10/2017 and has increased the threshold limit for opting the composition scheme. These scheme is available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand has been increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.