Decision Of 32nd GST Council Meeting:-
1. Composition Scheme For Goods:
Limit increased to Rs 1.5 crore. For Special category States would decide, within one week, about the Composition Limit in their respective States.
2. Relaxation In Filing Of Return By Composition Dealer-
Only one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration).
3. Higher Exemption Threshold Limit for Supplier of Goods:
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 at Rs 10 lakhs.
4. 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 the preceding Financial Year up to Rs 50 lakhs. 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. They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration).
Note:
1. This changes are effective w.e.f. 01/04/2019
2. We have provided this summary for information purpose of general public.Users are requested to verify the correctness of information given above with government notification. Business Buddies and/or its employees were not responsible for loss arising to anyone.
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