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Tag: Composition Scheme

Goods and Services Tax (GST) in India

Goods and Services Tax (GST) in India

Manufacturer/Service Providers/Trader whose annual turnover is below Rs. 20 Lakh* need not pay any GST and need not register. Those with annual turnover upto Rs. 75 Lakh# can opt for composition scheme in which case the tax rates will be as follows: GST Rate of Composition Traders – 1% Manufacturers – 2% Restaurants – 5% In service sector, Composition Scheme for manufacturers of tobacco and manufactured tobacco substitutes, pan-masala & ice-cream and other edible ice, whether or not containing cocoa….

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