The Goods and Services Tax (GST) Council on Friday raised the threshold limit for Composition Scheme to Rs 1 crore…
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The Goods and Services Tax (GST) Council on Friday raised the threshold limit for Composition Scheme to Rs 1 crore from the current Rs 75 lakh to ease tax filing for small traders.
The Rs 1 crore threshold in the Composition Scheme has been approved also by the GST Council members, sources said here on the sidelines of its ongoing meeting.
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Under the Composition Scheme, traders have to pay a fixed tax rate between 1-5 per cent.
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The Council is also discussing other relief measures for traders, including quarterly return filing.
“Council members requested quarterly return filings for businesses with turnover less than Rs 1.5 crore,” a Council member said on the sidelines of the meeting.
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