What is the threshold limit for opting for the composition levy under Section 10(1) of the CGST Act, 2017, for a registered person in the financial year?

?75 lakhs (for North-Eastern states)

Which of the following goods or services is NOT eligible for the composition scheme under Section 10 of the CGST Act, 2017?

Inter-state outward supplies of goods

Supplies through an electronic commerce operator

Goods notified by the government

What does the term "aggregate turnover" mean under Section 2(6) of the CGST Act, 2017?

The total turnover of all businesses registered under the same PAN

The total turnover of a registered person's business and personal income

The total turnover of all businesses within a specific state

The total value of taxable supplies minus exempt supplies

Which of the following statements is true regarding the composition scheme?

Composition taxpayers must pay tax at normal rates on all inward supplies.

Composition taxpayers can avail input tax credit on their purchases.

Composition taxpayers are required to maintain detailed records and file complex returns.

Composition taxpayers are not allowed to deal with unregistered suppliers.

Under what conditions can a registered person opt for the composition levy scheme?

If they are engaged in the supply of services other than restaurant services

If they have engaged in inter-state outward supplies of goods

If they make supplies through an electronic commerce operator

If their aggregate turnover exceeds ?2 crores

Which category of taxpayers is NOT eligible for the composition scheme under Section 10 of the CGST Act, 2017?

Manufacturers of goods as notified by the government

Service providers offering restaurant services

Businesses engaged in inter-state outward supplies of goods

Taxpayers with an aggregate turnover below ?1 crore

When is it mandatory for a taxpayer to display the words "composition taxable person, not eligible to collect tax on supplies" on their invoices?

When they opt for the composition scheme

When their aggregate turnover exceeds ?1 crore

When they deal with unregistered suppliers

When they are engaged in restaurant services

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