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What is the scope of composition scheme under GST?

Question 23 - Overview of Goods and Services Tax (GST) - Goods and Services Tax - Question 23 - Q 23. Ans. Small taxpayers with an aggregate turnover in a preceding financial year up to [Rs. 50 lakhs] shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover in a state during the year without the benefit of ITC. The floor rate of tax for CGST and SGST/UTGST shall not be less than [1% for manufacturer & 0.5% in other cases; 2.5% for spe .....

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