Notification No 1/2018 Central Tax : composition scheme effective rate reduced w.e.f 01.01.2018

By | January 2, 2018
(Last Updated On: January 2, 2018)

Notification No 1/2018 Central Tax

Central Tax seeks to further amend notification No. 8/2017 – Central Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers. vide Notification No 1/2018 Central Tax Dated 1 st January, 2018

Summary

Now Taxpayers who are eligible  for Composition Scheme ,may opt to pay, in lieu of the central tax payable by him,  the an amount  calculated at the rate of,––

(i) one per cent  (half per cent w.e.f 01.01.2018) of the turnover in State in case of a manufacturer,

(ii) two and a half per cent of the turnover in State or turnover in Union territory in case of persons engaged in making supplies referred to in clause (b) of paragraph 6 of Schedule II, and

iii) half per cent. of the turnover of taxable supplies of goods in State in case of other suppliers:

[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 1 st 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 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.

[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 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 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.

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