In the 16th GST Council meeting held on June 11th, the limit for Taxable person has been increased from 50 lakhs to 75 lakhs for opting for a composition scheme. The tax rates payable by composition dealers (including traders, manufacturers and restaurants) shall remain the same at 1%, 2% and 5% respectively.
The GST council has also reduced rates for 66 items from the levels announced earlier.
Accounting and record rules have been approved by the Council.
The council shall meet again on 18th June to take up issues like E-Way bill and tax on lotteries and any other pending items that may come on account of implementation of GST.