- The GST council in its 32nd meeting today accorded massive relief for MSME sector.
- Free accounting and billing software will be made available to small assessees upto Rs.1.5 crore turnover.@arunjaitley
- Higher exemption threshold limit for supplier of Goods:There would be two Threshold Limits for exemption from registration & payment of GST for the suppliers of Goods i.e. Rs 40 lakh & Rs 20 lakh. States would have an option to decide about one of the limits within a weeks’ time.
- Other important decisions taken in the Council Meeting include Compliance Simplification: 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)
- GST Council also decided to introduce a 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 limit of composition schemes for goods has been raised to Rs.1.5 crore at 1% GST rate. 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.
- It was also decided to refer following matter to the Group of Minister(GOM): A 7-Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to boost the residential segment of the Real Estate Sector.
- Revenue Mobilization for Natural calamities: 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.