Major decisions- 32nd Goods and Service Tax Council meeting
32nd Goods and Service Tax(GST) Council meeting held in New Delhi on 10th January,2019, took the following major decisions.
1. Turnover Limit under Composition Scheme: 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.
2. composition scheme for service: A new Composition scheme would be introduced w.e.f 1 April 2019 for service providers as well as suppliers of mixed supplies (of goods and services) with a turnover in preceding financial year up to INR 50 lakhs. The tax rate will be 6% (3% CGST + 3% SGST).
3. Simplification of compliance: 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).
4. Increase in Threshold Limit for Compulsory GST Registration: 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 at Rs 10 lakhs.
5. Natural Calamities Cess in Kerala state: The GST council has approved to charge 1% cess on the intra-state supply of goods and services within Kerala for a period not exceeding two years.
6. Changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with amendments in CGST Rules, notifications and Circulars issued earlier and the corresponding changes in SGST Acts would be notified w.e.f. 01.02.2019.
7. The last date for passing the examination for GST Practitioners to be extended till 31.12.2019 for those GST Practitioners who have enrolled under rule 83(1)(b) i.e. who were sales tax practitioner or tax return preparer under the existing law for a period of not less than five years.
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