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GST Council approves Rs 1 crore threshold for Composition Scheme

Under the Composition Scheme, traders have to pay a fixed tax rate between 1-5%

IANS  |  New Delhi 

GST Council approves Rs 1 crore threshold for Composition Scheme

The Goods and Services Tax (GST) Council on Friday raised the threshold limit for to Rs 1 crore from the current Rs 75 lakh to ease tax filing for small traders.

The Rs 1 crore threshold in the has been approved also by the 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.

First Published: Fri, October 06 2017. 19:10 IST
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