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Major decisions taken in 32nd GST Council Meeting
 
Effective date for various GST Amendments Act:
Changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 would be notified w.e.f. 01.02.2019.
 
GST Registration Limit:
There will be two exemption limits: Rs 40 lakh will apply to major states while the same has been capped at Rs 20 lakh for hilly states including those in the northeast.
 
New Composition Scheme for Service Sector to be introduced:
The composition rate for services sector has been fixed at 6 per cent while the composition limit has been set at Rs 50 lakh.
 
Composition Scheme limit enhancement for Traders and manufactures:
From April 1, 2019, the composition scheme limit will be increased to 1.5 crores. 
 
Composition Scheme Return to be filed on annual basis only:
Those who come under the composition scheme will pay tax quarterly, but the return will be filed only once a year. 
 
Calamity Cess to be levied in Kerela:
The Council also approved recommendations pertaining to calamity cess in Kerala. The state government will now levy 1 per cent calamity cess for a period of two years on products and services to fund rehabilitation in the state.
 
Official Notifications to be followed soon.

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Author:

TaxReply


Jan 10, 2019

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Send The Ariticles
By: Chandrashekhar S N
Jan 10, 2019
It's really nice and gud news for the small scale business,who file their return once in year and tax deposit caluse will be same
By: Yash Paul
Jan 11, 2019


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