BIG RELIEF FOR SMALL TAXPAYERS-GST COMPOSITION LIMIT INCREASED TO RS 1.5CR
CBIC has issued notification for GST Composition Limit which are applicable from 01.04.2019 on various issues on 07.03.2019. Notification No 14/2019 dated 07.03.2019 has been issued to increase the limit for eligibility of composition scheme from Rs 1.00 Cr to Rs 1.5 Cr .
From 01.04.2019 onward , any eligible registered person who wants to opt for composition scheme in GST can do so if his aggregate turnover in the preceding financial year does not exceed Rs 1.5 Cr . Provided that the said limit of Rs 1.5 Cr shall not be applicable for the special category states where in the limit is Rs 75 Lacs. Special Category states are as follows :
(i) Arunachal Pradesh,
Further , registered person shall not be allowed to opt for composition scheme if he is engaged in the business of Ice Cream, Pan Masala , Tobacco and Tobacco substitutes.
The GST Composition scheme may be opted for small taxpayers . In this scheme taxpayers cannot collect tax from customers.
Tax has to be paid on a fixed percentage on turnover. Tax invoice shall not be issued and Bill of supply shall be issued mentioning the value of transactions.
For FY 1819 , GST CMP 08 , is required to filed for every quarter by composition taxpayers. GSTR4 has to be filed annually after the end of Financial Year.
Refer official Notification Here : Notification No 14/2019 Dated 07.03.2019