Is trade with annual turnover of Rs 55 lakh eligible for GST composition scheme?

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This topic contains 1 reply, has 2 voices, and was last updated by Dr. Ashok Dhamija Dr. Ashok Dhamija 5 months, 3 weeks ago.

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  • #2441

    Anonymous
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    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?

  • #2444

    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.

         


    Dr. Ashok Dhamija is a New Delhi based Supreme Court Advocate and author of law books. Read more about him by clicking here. List of his Forum Replies. List of his other articles.

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