GST Council approves Rs 1 cr threshold for Composition Scheme
New Delhi Oct 6 (IANS) 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.
Under the Composition Scheme traders have to pay a fixed tax rate between 1-5 per cent.
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.