Meaning of Turnover in Composition Scheme

Discussion in 'GST (Goods & Service Tax)' started by Ravi Kumar Teja, Aug 19, 2017.

  1. Ravi Kumar Teja

    Ravi Kumar Teja New Member

    What does turnover include and exclude under composition scheme? What is the limit for the year 2017-18?
     
  2. Raju Choudhary

    Raju Choudhary Active Member Staff Member

    A Composition Scheme, which is mainly devised for small taxpayers, provides concessional rate of tax and filing of quarterly returns instead of monthly return. To be eligible for registration under Composition scheme it is required that the aggregate turnover of a registered tax payer should not exceed Rs 75,00,000/- in the preceding financial year. (The limit is ` 50,00,000/- for North Eastern and Special Category States)
     
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