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

Tilak Marg Forum for Legal Questions Forums Taxation Laws 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 1 year, 1 month 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. List of his Quora Answers.

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