Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet
*1. Threshold limit increased to 40 Lakhs*
Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.
*Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by FM*
*2. Power to states*
Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.
*3. Composition limit increased to 1.5Cr from the present 1 cr*
The existing Composition Scheme turnover threshold raised to Rs 1.5 crore.
Those who use the scheme from April 1,2019
*4 Quarterly payment and Annual Return*
Now Composition tax payers will pay tax quarterly, but file returns annually.
*5 Composition scheme for services*
Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme.
*6 Rate for services under comp scheme @ 6%*
Compounding rate for services under composition scheme is fixed at 6 percent.
*7 Real Estate*
A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley.
*8 Calamity cess by Kerela @1%*
GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: Finance Minister @arunjaitley
Courtesy : CA Umesh Sharma