Major Changes Proposed at 32nd GST Council Meeting on 10.01.2019

  • Composition Scheme for services and increase in turnover limit – A Composition Scheme to be made available for suppliers of services or Mixed Suppliers with tax rate of 6% (3% CGST +3% SGST) having an Annual Turnover in the preceding Financial year up to Rs 50 lakhs.
  • The limit of Annual Turnover in the preceding financial year for availing Composition Scheme for Goods to be increased to Rs 1.5 crore from the existing limit of Rs 1 crore.
  • Composition taxpayers to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration);
  • Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN;
  • Higher Exemption Limit for Registration – Two Threshold Limits to be there for supplier of goods, limit for exemption from Registration to be increased to Rs 40 lakhs and limit for payment of GST to be Rs 20 lakhs. The threshold limit for registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.

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