What is the new turnover limit for an OPT composition levy scheme?
At the 23rd meeting in Guwahati, the GST council decided to raise the level of one and a half rupees. The law was amended to increase the jurisdiction of the law to 2 crores. This is only done after the amendment of the law. “This is a proposal,” said Finance Secretary Hasmukh Adi. It was formed at the 22nd meeting of the GST council last month. Rs one crore from the original Rs. 75 lakhs.
Over Rs, 1 crore has been increased by more than 1.5 crores. Oommen Chandy has been increasingly excluded from the liability under the central excise state. An increase of Rs 1.5 crore is appreciated for small traders and manufacturers. Now we can achieve a simple subservience – this move should not have substantial revenue loss for the government.
GST registration has a large section of taxpayers in non-taxpayers. This is the foundation of big taxpayers. Of these, 15.5 lakhs have chosen the structural skill and are expected to increase in increments. As per the structural plan, you will have to file quarterly returns.
1% (0.5% Central Tax and 0.5% State Taxes) will be in the structural plan for dealers and developers. The buyers of this scheme earlier provided 2% of the turnover (1% Central Tax & 1% State Tax). Restaurant Services provide 5% of the turnover (2.5% Central Tax, 2.5% of SGST). It remains unchanged.
Composite Levy is an alternative method of tax-tax rate designed for small taxpayers. 1.5 crore and a flat rate of tax deductions, which are paid for the service or trade they are carrying. Also, it is optional. The taxpayer can pay taxes at the rate of one per cent of the turnover on a regular basis, each time the taxpayer is paid.