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32nd GST Council Meeting

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The 32nd GST Council Meeting was held on 10th January 2019 at New Delhi. The decision taken in this meeting with respect to GST turnover limit and composition scheme changes would be effective from 1st April 2019. In the meeting, the Government took steps to provide compliance relief to small businesses by providing various concessions as discussed in this article.

GST Turnover Limit Increased

The Central Government has decided to provide two threshold limit for GST registration for suppliers of goods, Rs.20 lakhs and Rs.40 lakhs. However, each of the individual State Governments must decide on the threshold limit within a week as the State’s revenue is also tied to GST. This decision will now lead to various States having different GST threshold limits overtime.
Service providers will continue to be required to register for GST once they cross a turnover of Rs.20 lakhs and in case of Special Category States at Rs 10 lakhs.

Composition Scheme Simplified

The Government has given a thrust to the GST Composition Scheme with the following three changes:

Increase in Turnover Limit

The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods has been increased to Rs 1.5 crore. Special category States must decide, within one week, about the Composition Limit in their respective States.

Yearly Return

Persons enrolled under the Composition Scheme were earlier required to file GSTR-4 return every quarter. Now, persons enrolled under the Composition Scheme can one file annual return but must make quarterly payment of taxes due.

Service Providers Eligible

Service providers with a turnover of less than Rs.50 lakhs are also now made eligible to enrol for the Composition Scheme. Such service providers would have to pay GST at the rate of 6% (3% CGST +3% SGST) of turnover. Its important to note that those enrolled under Composition Scheme are not eligible to claim input tax credit.

Free Accounting Software

The Government has also decided to provide a free accounting and billing software for small taxpayers to enable easier GST compliance. (LEDGERS GST Software)

GST Cess

Finally, the GST Council approved levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not of not more than 1% for a period not exceeding 2 years. This will be used as revenue mobilization for supporting the natural calamity.

Relief for Real Estate Sector

The GST Council has also decided to create a seven Member Group of Ministers to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of the Real Estate Sector.

Government Press Release

The Government press release about the 32nd GST Council Meeting is attached below for reference:

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