Will the concessional rate of tax also lapse (just like composition scheme) when aggregate turnover exceeds 50 lakhs.
If I'm eligible for concessional rate and my aggregate turnover is say 55 lakhs in this financial year. Can I still pay on concessional rate of 3+3% on 35lakhs? Or pay 3+3% on 30 lacs (assuming 20 lac registration limit), as option lapses at 50 lakhs and pay on remaining 5 lakhs at normal rates. Or is it 3+3% upto 70lakhs(assuming 20 lac registration limit), becoz of provision saying 3+3% on first supply upto an aggregate turnover of 50 lacs.