Categories: Government NewsGST INDIA NEWS - UPDATES

Press note on decisions taken by the GST Council in the 32nd meeting held on 10th January, 2019

 

Press note on decisions taken by the GST Council in the 32nd meeting held on 10th January, 2019
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 turnover limit for the existing composition scheme: The limit of annual turnover in the preceding financial year for availing composition scheme for goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the composition limit in their respective States.
1.1 Compliance simplification: The compliance under composition scheme shall be simplified as now they would need to file one annual return but payment of taxes would remain quarterly (along with a simple declaration).
2. Higher exemption threshold limit for supplier of goods: There would be two threshold limits for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits within a weeks’ time. The threshold for registration for service providers would continue to be Rs 20 lakhs and in case of Special category States Rs 10 lakhs.
3. Composition scheme for services: A composition scheme shall be made available for suppliers of services (or mixed suppliers) with a tax rate of 6% (3% CGST + 3% SGST) having an annual turnover in preceding financial year upto Rs 50 lakhs.
3.1 The said scheme shall be applicable to both service providers as well as suppliers of goods and services, who are not eligible for the presently available composition scheme for goods.
3.2 They would be liable to file one annual return with quarterly payment of taxes (along with a simple declaration).
4. Effective date : The decisions at Sl. No. 1 to 3 above shall be made operational from the 1st of April, 2019.
5. Free Accounting and Billing Software shall be provided to small taxpayers by GSTN. 6. Matters referred to Group of Ministers:
i. A seven member Group of Ministers shall be constituted to examine the proposal of giving a composition scheme to boost the residential segment of the real estate sector.
ii. A Group of Ministers shall be constituted to examine the GST rate structure on lotteries.
7. Revenue mobilization for natural calamities: GST Council approved levy of cess on intra State supply of goods and services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.
Note: The decisions of the GST Council have been presented in this release in simple language for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have the force of law.

EDITOR

CA CMA MANISH MALHOTRA EDITOR GSTSEVA.COM

Recent Posts

  • GST INDIA NEWS - UPDATES

Eway bill login: GST E-way bill system, upgraded with new features

Eway Bill login Forthcoming changes in e-Waybill system Auto calculation of route distance based on PIN code for generation of…

4 hours ago
  • Government News
  • GST

New GST rates for real estate sector- GST coucil decision

Decisions taken by the GST Council in the 34thmeeting held on 19thMarch, 2019 regarding GST rate on real estate sector…

6 days ago
  • GST INDIA NEWS - UPDATES

GST RETURNS: GST Return will simplified Soon

GST RETURNS ARE GOING TO SIMPLIFIED SOON GSTN UPLOADED THE PROPOSED RETURNS Proposed GST Return documents, as approved by competent…

3 weeks ago
  • GST INDIA NEWS - UPDATES
  • MEMBER'S BLOG

Indirect Tax Updates- Feb 2019

The GST Council (Council), in its 33rd meeting, has recommended a reduction in the rate of tax on supply of under-construction…

3 weeks ago
  • GST INDIA NEWS - UPDATES

The Central Board of Indirect Taxes and Customs (CBIC) has constituted three Working Groups to study and recommend measures to facilitate trade, promote exports and improve compliance

The Central Board of Indirect Taxes and Customs (CBIC) has constituted three Working Groups to study and recommend measures to…

1 month ago
  • GST INDIA NEWS - UPDATES

GST return GSTR 3B due date for month of jan 2019 extended to

GST return GSTR 3B due date for month of jan 2019 extended to For All states except Jammu and Kashmir…

1 month ago