The 32 nd GST council meeting was held on 10 th Jan 2019 at New Delhi , chaired by Union Finance
Minister Arun Jaitely at the Vigyan Bhawan.
As expected many significant were announced in the meeting with a goal to provide relief to small businesses and enterprises.
Following is the list of decisions taken in meeting:
As expected many significant were announced in the meeting with a goal to provide relief to small businesses and enterprises.
1) Increase in turnover limit for existing composition scheme for goods w.e.f 01.04.2019:
The annual turnover limit was increased from Rs 1.00 crore to 1.50 crore. In case of North-Eastern states and Himachal Pradesh, the limit is still Rs 75 lakh.( Special category States would decide, within one week, about the composition limit in their respective States.)
2) Yearly Return:
People enrolled under the composition scheme can file their returns annually, while continuing to make quarterly payment of their tax dues. This means filing tax returns only once a year.
3) Composition scheme for service providers:
Earlier there is was no provision for service providers under composition scheme but now, they can enrol for the Composition Schem, if their turnover is less than 50 lakhs. Such service providers would have to pay GST at the rate of 6% (3% CGST +3% SGST) of turnover. The said scheme shall be applicable to both service providers as well as suppliers of goods and services.
Note : Those enrolled under Composition Scheme are not eligible to claim input tax credit.
4) Accounting and Billing Software
To make it simpler for small business under composition scheme government has decided to provide free Accounting and billing software.
5) Cess for the state of Kerela for revenue mobilisation
The GST Council has approved levy of cess on intra-State supply of goods and services within the State of Kerala at a rate not exceeding one per cent for a period not exceeding 2 years, meaning the goods and service will be costlier by 1% for 2 years.
6) GoM formed :
The GST Council decided to set up a seven-member Group of ministers to submit their report on real estate and another on lotteries and issues related to them.
7) GSTP exam :
The last date for GST Practitioners (who were sales tax practitioner or tax return preparer under the existing law for a period of not less than five years) to pass the exam conducted by NACIN for confirmation of their enrollmenthas been extended from 31.12.2018 to 31.12.2019.
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