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Raise the upper limit for opting for composition scheme to Rs 1.5 crore, recommends GST Council

Raise the upper limit for opting for composition scheme to Rs 1.5 crore, recommends GST Council

Raise the upper limit for opting for composition scheme to Rs 1.5 crore, recommends GST Council
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By CNBC-TV18 Jul 21, 2018 8:41:45 PM IST (Updated)

Among other recommendations, the council asked to increase the threshold exemption limit for registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand to Rs 20 Lakhs from Rs. 10 Lakhs.

The GST Council has recommended raising the upper limit of turnover for opting for composition scheme to Rs 1.5 crore. The recommendation was part of several suggestions given by the council in regard with amendment of existing GST acts.

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Among other recommendations, the council asked to increase the threshold exemption limit for registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand to Rs 20 Lakhs from Rs. 10 Lakhs.
In regard with e-commerce industry, the council recommended making registration compulsory only for those who are required to collect tax at source.
While the recommendations are certainly favourable for tax payers, only the approval from parliament could make them a reality.
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