Latest Changes for GST Composition Dealers
Two Important changes have been made for GST Composite Dealers w.e.f 1st January 2018
1 : Manufacturers under composition scheme had to pay 2% tax till now but from 1st January 2018, they will 1% GST .which included 0.50 % CGST and 0.50 % SGST.
Thus the different Tax rate for Trader and Manufacturer is now similar.
2 : Till date the Composition dealers had to pay Composite tax even on exempted goods but now from 1st Jan 2018, the composition tax on will levied on taxable goods only.
The Below mention notification has been issued for the Latest Changes for GST Composition Dealers
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 1/2018- Central Tax
New Delhi, the 1st January 2018
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 27th 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 27th June 2017, namely:-
In the said notification, in the opening paragraph, –
(a) in clause (i), for the words “one percent.”, the words “half percent.” 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.
[F. No. 354/320/2017- TRU]
(Ruchi Bisht)
Under Secretary to Government of India
Note: – The principal notification No.8/2017-Central Tax, dated the 27th 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 27th June, 2017 and last amended by Notification No.46/2017-Central Tax, dated 13th October, 2017 published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i) vide number GSR 1287 (E), dated the 13th October 2017.
Latest Changes for GST Composition Dealers related notification attached below
Original Notification regarding Latest Changes for GST Composition Dealers