GST rates reduced to 1% for Manufacturers under composition scheme

CBEC vide Notification No. 1/2018-Central Tax and Notification No. 1/2018-Union Territory Tax dated 1st January, 2018,  has amended the tax rate for taxpayer opted composition scheme.

Now, the Manufacturer shall be liable to pay total GST at the rate of 1% instead of 2% and for traders the word “turnover” shall be substituted with the word “turnover of taxable supplies of goods”. To read more click here