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GST, Indian Economy, Tax

GST – What’s new!

The GST council’s 32nd meeting was conducted in New Delhi on 10th January, and the meeting has proposed some key amendments.

  1. 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)
  2. 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.
  3. Quarterly payment and Annual return
    Suppliers availing composition scheme may pay taxes quarterly an file returns annually.
  4. Real Estate
    A 7 minister committee has been set up to examine the proposal for composition scheme for real estate.
  5. Lottery
    A committee shall also examine the GST rate structure on lotteries.
  6. Accounting and billing software
    Free accounting and billing software for small taxpayers.
  7. 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.

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