- January 12, 2018
- Posted by: CA Parul Gupta
- Category: Goods and Service Tax
Central Tax prescribes the effective rate of tax under Composition Scheme for Manufacturers and Other Suppliers.
Central Board of Excise and Custom has reduced the GST rate to HALF PERCENT from One Percent for the manufacturers who have opted for composition scheme
As per Notification No. 1/2018- Central Tax
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.8/2017- Central Tax, dated the 27 th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 647 (E), dated the 27 th June, 2017, namely:-
In the said notification, in the opening paragraph, –
(a) in clause (i), for the words “one per cent.”, the words “half per cent.” shall be substituted;
(b) in clause (iii), for the words “half per cent. of the turnover”, the words “half per cent of the turnover of taxable supplies of goods” shall be substituted.