32nd GST council meeting latest updates directly from major resources under which decisions on some major points including the GST threshold limit, GST rate fixed for composition scheme taxpayers along with annual return filing process taken.
32nd GST council meeting has been discussing for further announcements and decisions. The council has also decided on tax exemption for the small and medium enterprises by increasing GST threshold limit.
All Updates on 32nd GST Council Meeting in New Delhi
- Committee set up for real estate sector to go through the issues and submit a report
- GST Council permits the Kerala Govt to levy 1 per cent calamity cess for 2 years to collect funds for rehabilitation
- 6 per cent GST rate applicable to the Composition scheme for service providers and turnover up to 50 lakh per annum.
- The registration threshold limit under GST increased from earlier INR 20 lakh to INR 40 lakh. Kerala & Chattisgarh given option to remain in any limit either 20 lakh or 40 lakh. Also, Northeastern and hilly states threshold limit doubled more than 20 lakhs.
- It was also announced that a free billing and cost accounting to be made available for the small taxpayers to reduce compliance cost.
- GST Council increased the limit of annual turnover for composition scheme taxpayers to 1.50 Crores, effectively from 1 April 2019 under which the composition taxpayers allowed to file returns annually and pay tax on a quarterly basis.
- The meeting has been started at the Vigyan Bhawan, Delhi chaired by the Union finance minister Arun Jaitley and state wise finance ministers.
