GST Council Meet - Important Announcement
*GST Council in the 32nd meeting held on 10th Jan 2019 took following decisions to give relief to MSME (including Small Traders):* *Increase in turnover limit for the existing composition scheme for goods:* The limit of annual turnover in the preceding financial year for availing composition scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the composition limit in their respective States. *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 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. *Compliance simplification under composition scheme :* The compliance under composition scheme shall be simpl...