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GST UPDATE ON HIGHLIGHTS OF 32nd GST COUNCIL MEETING

GST UPDATE ON HIGHLIGHTS OF 32nd GST COUNCIL MEETING
GST UPDATE ON HIGHLIGHTS OF 32nd GST COUNCIL MEETING

The meeting of the GST Council was convened today wherein certain important decisions have been taken. The highlights of the meeting as reported in the Press Conference of Arun Jaitley are summarized as follows:-
 

  • Assessees under the composition scheme will pay tax quarterly, but file returns annually from April 1, 2019.
  • Composition scheme introduced for service providers also. The composition rate for services sector has been fixed at 6 per cent available to service providers having annual turnover in preceding financial year upto Rs. 50 Lakhs.
  • It is also decided to increase the limit of annual turnover for composition scheme to Rs. 1.5 Crores from 01.04.2019.
  • GST threshold has been increased to Rs 40 lakh from Rs 20 lakh for supplier of gods. However, states will have an option to chose threshold within a week’s time. The GST threshold for service providers would continue to be Rs. 20 Lakhs.  
  • Kerala State can levy Cess upto a maximum of 1% for a maximum period of 2 years.
  • Taxation on Real estate and uniformity on taxation and other issues arising on Lottery will be discussed in next council meeting.
  • Free Accounting and Billing Software shall be provided to small taxpayers by GSTN.
Department News


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