The GST council’s 32nd meeting was conducted in New Delhi on 10th January, and the meeting has proposed some key amendments.
- GST exemption threshold
Sale of goods: The turnover limit of 20 Lakhs for availing GST registration exemption has been raised to 40 Lakhs w.e.f 1 April 2019. The limit for Special Category States stand hiked to 20 Lakhs.
Sale of services: Limit for sale of services shall continue to be 20 Lakhs (10 Lakh for SCS)
- Composition Limit
Composition scheme has been introduced to service providers with a limit of 50 Lakhs.
Composition scheme limit for suppliers of goods has been enhanced to 1.5 Crores from the exisiting 1 Crore.
- Quarterly payment and Annual return
Suppliers availing composition scheme may pay taxes quarterly an file returns annually.
- Real Estate
A 7 minister committee has been set up to examine the proposal for composition scheme for real estate.
A committee shall also examine the GST rate structure on lotteries.
- Accounting and billing software
Free accounting and billing software for small taxpayers.
- Calamity Cess in Kerala.
The state of Kerala is given discretion to levy a calamity Cess @1% on all intra state supplies within the state for a period not more than 2 years.
These are contents extracted from the press meet, and an official publication in Gazette is yet to come.