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TMI BlogComposition levy.X X X X Extracts X X X X X X X X Extracts X X X X ..... rritory in case of persons engaged in making supplies referred to in clause (b) of paragraph 6 of Schedule II, and (c) half per cent. of the turnover in State or turnover in Union territory in case of other suppliers, subject to such conditions and restrictions as may be prescribed: Provided that the Government may, by notification, increase the said limit of fifty lakh rupees to such higher amount, not exceeding 2 [ one crore and fifty lakh rupees ] , as may be recommended by the Council. 3 [ Provided further that a person who opts to pay tax under clause (a) or clause (b) or clause (c) may supply services (other than those referred to in clause (b) of paragraph 6 of Schedule II), of value not exceeding ten per cent. of turnover in a State ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section. 9 [ (2A) Notwithstanding anything to the contrary contained in this Act, but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, not eligible to opt to pay tax under sub-section (1) and sub-section (2), whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees, may opt to pay, in lieu of the tax payable by him under sub-section (1) of section 9, an amount of tax calculated at such rate as may be prescribed, but not exceeding three per cent. of the turnover in State or turnover in Union territory, if he is not (a) engaged in making any supply of goods or services which are not leviable to tax under this Act; (b) engaged in making any inter-State outward supplies of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any other provisions of this Act, be liable to a penalty and the provisions of section 73 or section 74 17 [ or section 74A ] shall, mutatis mutandis, apply for determination of tax and penalty. 13 [ Explanation 1. For the purposes of computing aggregate turnover of a person for determining his eligibility to pay tax under this section, the expression aggregate turnover shall include the value of supplies made by such person from the 1st day of April of a financial year upto the date when he becomes liable for registration under this Act, but shall not include the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount. Explanat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NCE (NO. 2) ACT, 2019 w.e.f. 01-01-2020 10. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-01-2020 11. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-01-2020 12. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-01-2020 13. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-01-2020 14. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-01-2021 15. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 before it was read as, goods 14 [ or 16. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 before it was read as, goods or 17. Inserted vide Section 115 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-11-2024 - - statute, statutory provisions legislation, law, enactment, Acts, Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X
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