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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
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.
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.
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.
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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.
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They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration).
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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