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 simplified as now they would need to file One Annual return but payment of taxes would remain quarterly(along with a simple declaration).

*Higher exemption threshold limit for Supplier of Goods:*
There would be 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 Rs 10 lakhs.*

*Effective date of all the above decisions shall be made operational from the 1st April, 2019.*

*Free Accounting and Billing Software*
Software for Accounting and Billing shall be provided to Small taxpayers by GSTN.

*Revenue mobilization for natural calamities in the State of Kerala:*
GST Council approved levy of cess on intra State supply of goods and services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.

For any queries feel free to write to us at info@gjmco.in

*GJM Alerts*
*www.gjmco.in*

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