Amendment status not verified — confirm the current text below against the official source.
Composition Levy.––(1) Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees may opt to pay, 1[in lieu of the tax payable by him under sub-section (1) of section 9, an amount of tax calculated at such rate] as may be prescribed, but not exceeding,–– (a) one per cent of the turnover in *State in case of a manufacturer ; (b) two and a half per cent of the turnover in *State in case of persons engaged in making supplies referred to in clause (b) of paragraph 6 of Schedule II ; and (c) half per cent of the turnover in *State in case of other suppliers, subject to such conditions and restrictions as may be prescribed : Provided that the Government may, by notification, increase the said limit of fifty lakh rupees to such higher amount not exceeding 2[one crore and fifty lakhrupees], as may be recommended by the Council :