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GST Simplified: 23rd GST Council Meeting

GST Composition Scheme

GST Council held its 23rd GST Council meet on 10th November 2017. Here are the important updates of the meet.

All these Changes will be made prospectively from 15th November

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Changes in Composition Scheme

  • Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later).
  • 1 % GST rate for manufacturers & traders
  • Composition tax of 1% on turnover of taxable goods (turnover of exempted goods to be excluded)
  • Those supplying goods and services (services not exceeding Rs 5 lakhs in total) eligible for compositions scheme
  • Composition Returns, GSTR-4  due date extended to 24th December

Composition dealers cannot make inter-state sales. Input tax benefit not allowed

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