The Union Cabinet unanimously accepted amendments in GST laws which will increase the threshold limit for composition dealers to Rs 1.5 crore. There are many more amendments as well approved by the Cabinet. The cabinet headed by PM Narendra Modi approved these amendments.
In the scheme, the taxpayers and the manufacturers will have to pay the taxes at the rate of 1 per cent and file GST returns every quarter. Currently, there are 1.10 crore registrations under GST with 17 lakhs under composition scheme.
The government will work on the arrangement of changes made in Integrated GST law, Central GST law and Compensation Cess law during the monsoon session of the Parliament. After the meeting, an official informed, “GST laws amendments have been cleared.”
There are total 46 amendments which will make the employers claim their input tax credit considering various facilities such as insurance, transport, and food available for all employees under the law.
It as well renders changes in reverse charge mechanism, cancellation of registration, new return filing norms, individual registration for companies with various business fields, and generation of consolidated debit/credit notes which include various invoices.
Also according to the amendments, e-commerce companies are not required to register under the GST if their total annual turnover comes lesser than 20 lakhs and also no need to collect the TCS under the section 52.
In the recent 28th GST council meeting, much of the required rate reduction was done on the white goods as well as on the sanitary napkins. And much of the expectations are on the upcoming 29th GST council meeting which will see through rate rationalization.
