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Home» Circulars» Recommendations Made Major Decisions Taken By The Gst Council In Its 32nd Meeting Held In New Delhi On 10 01 2019

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Recommendations Made/ Major decisions taken by the GST Council in its 32nd Meeting held in New Delhi on 10/01/2019
 

 

 

 

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 EPC/LIC/GST                                                                                                              11/01/2019

 

ALL THE MEMBERS OF THE COUNCIL

        

Recommendations Made/ Major decisions taken   by the GST Council in its
 
32nd  Meeting held in New Delhi on 10/01/2019

 

 

Dear Members,

 

We would like to inform you that   the  GST Council in its 32nd  Meeting held  in New Delhi on 10/01/2019 under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley  took major decisions to give relief to MSME (including Small Traders) and also made some recommendations.


As per PIB press release, the gist  of the some of the   Recommendations Made/ Major decisions taken are  highlighted as follows for the convenience of the members:-

 

Major Decisions taken by the GST Council in its 32nd  Meeting held in New Delhi on 10/01/2019

 

  • Increase in Turnover Limit for the existing Composition Scheme:

The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States.

 

  • Compliance Simplification: 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).

 

  • Higher Exemption Threshold Limit for Supplier of Goods:

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 weeks’ time. The Threshold for Registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.

 

  • Composition   Scheme for Services:

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 said Scheme Shall 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).

 

  • Effective date: The decisions at Sl. No. 1 to 3 above shall be made operational from the 01/04/2019.

  • Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN.

 

6.  Revenue Mobilization for Natural Calamities: GST Council approved Levy of 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

 

Recommendations made by the GST Council in its 32nd  Meeting held in New Delhi on 10/01/2019


The GST Council in its 32nd  Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs gave approval for  the following:

        i.  Changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with amendments in CGST Rules, notifications and Circulars issued earlier and the Corresponding Changes in SGST Acts would be notified w.e.f. 01.02.2019.

 

Members are requested to take note of  some of the above Recommendations Made/ Major decisions taken during 32nd Meeting held in New Delhi on 10/01/2019.  The same press release is available on PIB site using below links-

· Recommendations made by the GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley

 

· Major Decisions taken by the GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley

 

Kindly note that above information is provided based on press notes of  PIB/CBIC.  For exact details of changes, the notification/Circular/ Clarification the council will update you as and when they are issued the government.

 

Thanking You,

Yours faithfully,

 

(S. G. BHARADI)
EXECUTIVE DIRECTOR

CHEMEXCIL

 

 

 

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