Yes, it is confirmed that turnover limit for composition scheme has been increased to 1 crore from existing 75 lakhs.
This is a big relief for small traders who wanted to avoid compliance burden but could not opt for composition scheme due to turnover limit.
What you feel of this step?
This is a good step. But I believe government should further increase composition scheme turnover limit to 2 crore.
Under income tax we already have limit of 2 crore for audit, why not maintain same limit across all acts?
A good step but what about RCM? For a person registered as composition tax payer has to still pay tax under RCM and for him it will be cost.
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