11th October 2017
The government was given great relief to small businessmen. GST Council increased the composite scheme limit from Rs 75 lakh to 1 crore rupees. That is, you can take advantage of more small business composite schemes than before. That means traders with an annual turnover of more than Rs.20 lakhs and upto Rs.1 crore can take advantage of GST's composite scheme.
Under the composite scheme, the tax rate is low. Under this scheme, traders have to pay one per cent, two per cent to the manufacturer and 5 per cent to the food-drinker supplier. The advantage of the composite scheme can be taken by retailers, wholesale, manufactures, traders, restaurant businessmen.
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