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Key-updates-of-32nd-GST-Council-Meeting

 

Key updates of 32nd GST Council Meeting

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Finance Minister Arun Jaitley chairs the 32nd GST Council meeting in New Delhi on 10th January 2019. Here are the key highlights-

 
  • The Registration threshold limit under GST has increased to Rs. 40 lakh (earlier it was Rs. 20 lakh) for all states and Rs. 20 lakh (earlier it was Rs. 10 lakh) for NE and hill states.
 
Allow Kerala to impose Calamity Cess @ 1%-
  • GST Council allows Kerala to impose 1% calamity cess on intra-state sales for 2 years.This has been done to help the state cope up with natural disasters.
 
Changes in Composition Scheme w.e.f. 01st April 2019-
  • GST council has increased the threshold limit of annual turnover for Composition scheme raised to Rs 1.5 crore from Rs. 1 Crore w.e.f. 1st April 2019
  • Businesses whose under GST Composition Scheme from April 1st 2019, has to file just one annual return, but pay taxes once every quarter.
 
Composition scheme for Service Providers-
  • Those providing services or mixed supplies (goods and services) with a turnover up to Rs. 50 lakh per annum will now be entitled to avail composition scheme.
  • Compounding rate for services under composition scheme is fixed at 6 percent.
 



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