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Textile News   >     16-01-2018 - Tuesday

  • Government notifies 1 per cent GST for manufacturers under composition scheme
  • The government has notified lower 1 per cent GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it. 
  • The finance ministry has notified the changes decided by the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, in November 2017. 
  • The notification stipulates that manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier. 
  • Besides, traders opting for composition scheme would now have to pay the tax at 1 per cent on their turnover of taxable supplies. So far, they were paying GST on total turnover, which included turnover from exempt supplies like fruits, vegetables. 
  • Over 15 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy under the Goods and Services Tax (GST) which rolled out from July 1. There are over 90 lakh businesses registered under GST. 
  • While a regular taxpayer has to pay taxes on a monthly basis, a composition supplier is required to file only one return and pay taxes on a quarterly basis. 

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