OUTCOME OF 32ND GST
COUNCIL MEETING -FM ARUN JAITLEY PRESS MEET :
1. Threshold limit
increased to 40 Lakhs:
Effective April 1, the GST exemption threshold has been
raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North
East, the threshold has been doubled to Rs 20 lakh.
Earlier in a press talk AP FM said increased to 50lakhs, but
it is increased to 40lakhs only as said by FM
2. Power to states
Now states will be able to choose if they want to keep the
GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.
3. Composition limit
increased to 1.5Cr from the present 1 cr
The existing Composition Scheme turnover threshold raised to
Rs 1.5 crore.
Those who use the scheme from April 1,2019
4 Quarterly payment
and Annual Return
Now Composition tax payers will pay tax quarterly, but file
returns annually.
5 Composition scheme
for services
Those providing services or mixed supplies (goods and
services) with a turnover up to Rs 50 lakhs will now be entitled to avail
composition scheme.
6 Rate for services
under Composition scheme @ 6%
Compounding rate for services under composition scheme is fixed
at 6 percent.
7 Real Estate
A committee has been set up to consider real estate GST
rates, a consensus is yet to be achieved, says FM Arun Jaitley.
8 Calamity cess by
Kerela @1%
GST Council lets Kerala levy 1% cess for 2 years on
intra-state sales.
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