A dealer registered under composition scheme sold goods (maize seeds) of rs. 2.5 Crore under HNS code 1005 i.e. nil rated from 1 jan 2018 to march 2018 . Is he liable to pay 1% tax on his turnover? Please refer also notification no. Notification No. 1/2018- Central Tax
Dear Sir,e to
Your question is related to Section 10 of CGST Act, 2017 i.e. composition scheme As per provisions of Section 10 whose turnover does not exceed Rs.1.5 crore in the previous financial year can opt the composition scheme.
In your case turnover is exceeding the limit of Rs. 1.5 crore so you may not take shelter of composition. you have to take registration as a regular taxpayer.
Hope your query is answered.
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