Gokhale & Sons is registered in Karnataka and paying GST under composition scheme, provides the following details for the tax period ended on 31st December, 2018: S.No. Particulars (₹) (i) Taxable turnover of goods w

As per amendment in Notification No. 8/2017 vide Notification No. 1/2018 Central Tax dated 01.01.2018, effective rate of tax under composition scheme for manufacturers has been reduced from 2% to 1% (CGST + SGST) w.e.f. 01.01.2018. Thus, w.e.f. 01.01.2018, uniform rate of 1% is applicable for both manufacturers and traders paying tax under composition scheme. Further, Notification No. 8/2017 Central Tax dated 27.06.2017 has also been amended to provide that for other categories of composition suppliers (other than manufacturers and restaurants), composition tax would be leviable as percentage of turnover of taxable supplies of goods. Prior to the amendment, the tax was payable as a percentage of the total turnover. Hence, total tax will be as follow: ₹52000 (1% of 52,00,000 i.e., Taxable Turnover + Exempted Turnover) (if Gokhale & Sons is a Manufacturer) ₹25000 (1% of 25,00,000 i.e., Taxable Turnover) (if Gokhale & Sons is a Trader)