Ans: Small taxpayers whose aggregate turnover in goods in the previous financial year did not exceed Rs.1.5 cores can use the composition scheme to pay their GST. For the following 9 states, the limit of turnover is 75 lakhs in the preceding financial year –
1) Arunachal Pradesh, 2) Assam, 3) Himachal Pradesh 4) Manipur, 5) Meghalaya, 6) Mizoram, 7) Nagaland 8) Sikkim, and 9) Tripura.
Traders & composition levy
- Is there any scheme for payment of taxes under GST for small traders?
- What is the eligibility category for opting for composition levy? Which are the Special Category States in which the turnover limit for Composition Levy for CGST and SGST purpose shall be Rs. 75 lakhs
- Whether software is regarded as goods or services in GST?
- What are the implications of recognising the development, design, programming, customisation, adaptation, upgradation, enhancement, and implementation of information technology software as a service?