GoM on Composition Scheme holds First Meeting in New Delhi

Within a week of being set up, the group of ministers (GoM) on making the GST composition scheme more attractive held its first meeting in New Delhi. The 5-member GoM, led by Assam Finance Minister Himanta Biswa Sarma, has also been tasked to revisit Goods and Services Tax (GST) rates for restaurants.

With only over 15.50 lakh businesses out of 98 lakh registered under the GST regime opting for the composition scheme, the GST Council decided to set up the GoM to examine ways of making it more attractive.
Must Do Takeaways from the above News:
  • The GST Council, chaired by Finance Minister Arun Jaitley and consisting of his state counterparts, had on October 7 constituted the GoM, which will submit its report by the end of November. 
  • Currently, GST is levied at 12 percent on non-AC restaurants while it is 18 percent for air-conditioned ones. 
  • The GST Council, in its last meeting, hiked the threshold for availing of the composition scheme to Rs 1 crore, from the Rs 75 lakh set earlier. 

Source- The Economic Times

×

Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Login

OR

Forgot Password?

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Sign Up

OR
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Forgot Password

Enter the email address associated with your account, and we'll email you an OTP to verify it's you.


Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to
/6


Did not recive OTP?

Resend in 60s

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Change Password



Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Almost there

Please enter your phone no. to proceed
+91

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to Edit Number


Did not recive OTP?

Resend 60

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?