Notification No. 01/2018
Date: January 1, 2018
Subject: Reduction of tax rates under the Composition Scheme
Description:
Issued under section 10(1) of the CGST Act, this notification amends Notification No. 8/2017 – Central Tax to reduce the composition tax rate. The rate for manufacturers and traders is reduced from 1% to 0.5%, and the rate applicable to suppliers of food and drink services is clarified as 0.5% of the turnover of taxable supplies of goods. The amendment provides rate rationalisation and relief to composition taxpayers.
Amendment:
This notification amends notification No. 8/2017