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CGST reduced under composition scheme

DNAHM117834 | 1/3/2018 | Author : DNA Correspondent | WC :233 | Business & Economy



Small manufacturers and retail traders got some relief in Goods and Services Tax (GST) with the central government amending the tax provisions for CGST through a notification late on Monday.
Under the Composition Scheme, manufacturers had to pay 2% GST (1% CGST and 1% SGST) on their turnover, while traders had to pay 1% GST (0.5% CGST and 0.5% SGST) on the total sale of goods, both taxable and tax free.
Now the tax on manufacturers, who have subscribed to the Composition Scheme, has been halved to one percent, while traders will have to pay tax on turnover of taxable goods only.
Accordingly, manufacturers will have to pay 0.5% CGST (from 1% earlier) and traders 0.5% CGST on sales of taxable goods only.
"This will
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