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Composition scheme

Indirect Taxation

Limit is below 75L or 1.5cr as case may be What if it's correct 75L in preceding py ...will that supplier will eligible for composition scheme in current year ( is the limit upto 7499999)

Christo Joy

CA Inter

★ 8K+

27-Mar-23 10:13

174

Answers (2)

The provision says , 'Upto 1.5Crore or 75Lakhs' Upto means 1.5 crore or 75 lakhs is included. It it exceeds, only then not eligible

Shankari C

CA Inter

★ 12K+

27-Mar-23 15:25

Limit is upto 75 Lakhs/ 1.5 crore. So if the turnover during preceding FY does not exceed 75 lakhs/ 1.5 crore then in the Current year the person will be eligible for composition scheme.