Taxcharcha
GSTLatest

Outcome of the 32nd GST Council Meeting dated 10th January 2019

32nd GST council meeting decisions

GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions-

1. Increase in the threshold limit of GST registration of Goods

With effect from 1st April 2019, the threshold limit for GST registration has been raised from Rs. 20 Lakhs to Rs. 40 Lakhs. The States now have the power to decide between Rs. 20 Lakhs and Rs. 40 Lakhs as the GST exemption limit for the supply of Goods. For the supply of Services, the existing limit of Rs. 20 Lakhs and Rs. 10 Lakhs in case of special category would continue to be taken as the threshold limit.

2. Big relief to Persons opting for Composition scheme 

The 32nd GST Council meeting has introduced various relief to the persons opting for Composition scheme.

a. The threshold limit for opting the Composition scheme for supply of Goods shall be Rs. 1.5 Crores with effect from 1st April 2019. The special category state would have to decide the composition limit in their respective states within 1 week.

b. The Composition scheme holders mentioned in point a. above shall be required to pay the tax quarterly along with the Annual Return.

c. For the Service providers, the Composition scheme shall be made available with a tax rate of 6% (3% CGST + 3% SGST) having an annual turnover in preceding financial year upto Rs. 50 Lakhs. This option is also available for those who are providing mixed supply of goods and services. They would be liable to pay the taxes quarterly and file the Return annually.

3. Committee for Composition scheme for Real Estate sector

A 7 member Group of Ministers shall be constituted to examine the proposal for composition scheme for Real Estate sector.

4. Committee for GST on lotteries

A Group of Ministers shall be constituted to examine the GST structure on lotteries.

5. Calamity cess in Kerala @ 1%

The Cess shall be levied @ 1% on the intra state supply of goods and services within the state of Kerala for a period not exceeding 2 years.

 

 

 

Related posts

Release of Indian Accounting Standards (Ind AS) : An Overview by ICAI

Team Taxcharcha

Companies (Audit & Auditors) Amendment Rules 2018

Team Taxcharcha

Cost Inflation Index for FY 2021-22 is 317

Team Taxcharcha