I am a shopkeeper with annual turnover of about Rs. 55 lakh. My last year turnover was Rs. 50 lakh and this year I am expecting 10% increase in turnover. Can I get the benefit of the GST composition scheme?
If your annual turnover is up to ₹ 20 lakh, there is complete exemption from payment of GST. If the annual turnover is more than ₹ 20 lakh but less than ₹ 75 lakh, then you may avail the benefit of the GST composition scheme by opting for the same.
Since your annual turnover is ₹ 55 lakh, you are eligible to opt for the GST composition scheme.
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