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.
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:
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
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
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
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
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
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
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