GST revised: New exemption, composition scheme turnover limits for service providers, practitioners' exam date - Details here

The GST Council in its 32nd Meeting on Thursday took several decisions to benefit small and medium traders.

Jan 11, 2019, 12:16 PM IST
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The GST Council in its 32nd Meeting on Thursday took several decisions to benefit small and medium traders. The council couldn't come to a decision on lowering the slab of 5 per cent on under-construction flats and houses. However, relief measures were announced for small and medium traders. The composition scheme has also been revised. All details in following slides: 

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GST for small traders: Exemption threshold limit hiked

GST for small traders: Exemption threshold limit hiked

Now, 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 week's time. The threshold for registration for service providers would continue to be Rs 20 lakh and in the case of Special Category States at Rs 10 lakhs. Image: PTI

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GST composition scheme revised

GST composition scheme revised

Now, 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 would decide, within one week, about the Composition Limit in their respective States.

The Council has decided that 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). Image: PTI

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GST gift for small, medium traders: Free Accounting and Billing Software

GST gift for small, medium traders: Free Accounting and Billing Software

GST Council has decided to provide free accounting and billing software to small taxpayers. Image: PTI

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GST Composition Scheme for Services

GST Composition Scheme for Services

The GST Council has decided that 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 the preceding Financial Year up to Rs 50 lakhs. The Scheme will 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. They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration). Image: PTI

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GST on Lottery

GST on Lottery

The Council has decided that a Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries. Image: PTI

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GST Emergency Cess

GST Emergency Cess

The Council has decided to levy a 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. Image: PTI

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GST Practitioners Exam 2019: Last Date

GST Practitioners Exam 2019: Last Date

The Last Date for passing the examination for GST Practitioners has been 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. Image: PTI

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