CBIC increases the threshold limit for availing Composition Scheme to Rs. 1.5 crores

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The Central Board of Indirect Taxes and Customs (“the CBIC”) vide Notification No. 14/2019 – Central Tax dated March 07, 2019 has increased the threshold limit of aggregate turnover for availing Composition Scheme under Section 10 of the Central Goods and Service Tax Act, 2017 to Rs. 1.5 crores from existing Rs. 1 crore.

Provided that the said aggregate turnover in the preceding financial year shall be seventy five lakh rupees in the case of an eligible registered person, registered under section 25 of the said Act, in any of the following States, namely: –

(i) Arunachal Pradesh,

(ii) Manipur,

(iii) Meghalaya;

(iv) Mizoram,

(v) Nagaland,

(vi) Sikkim,

(vii) Tripura,

(viii) Uttarakhand

Note: Currently, Himachal Pradesh and Assam are also part of this list but form the date of commencement of this notification i.e. April 01, 2019 these two states will have ceiling limit of Rs. 1.5 crore for availing composition scheme.

The complete notification can be accessed at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-14-central-tax-english-2019.pdf;jsessionid=C686D1C9F1615A3C70C3139F43B92060