watch_later 3 years, 1 month ago
In a welcome move, the composition rate U/s 10 of CGST Act for Manufacturers is reduced from 2% to 1% to equate it with rate for traders.
The calculation of composition levy only on taxable turnover and not on total turnover. So no tax on exempt supply.
The changes will take effect from 1st January, 2018.
Credit: Manoj Agarwal
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