Home Top Ad

Find latest updates below

32nd GST Council Meeting -Highlights and Implications

32nd GST council meeting was held on 10th of Jan 2019 (i.e Thursday) in New Delhi.

Shri Arun Jaitley chaired the Meeting and addressed the Press meet around 7.15 p.m

The major focus of the meeting was towards giving relaxation to the small & medium enterprises & increasing the threshold limit.

Following are the highlights of the Meeting Held:

1.  GST exemption limit hiked!

·  Finance Minister Mr. Arun Jaitley said after the GST meeting that exemption limit for GST for those with a turnover up to 20 lakh has been increased to 40 lakhs.

·And for the enterprises in hilly Areas, it will be increased to Rs. 20 Lakhs.

· Mr. Jaitley also ruled out any further cuts in tax rates and said, "reductions will be made only when revenues move up".

2.  GST on under-construction flats and houses to 5 percent.

The Goods and Services Tax Council met to discuss lowering GST on under-construction flats and houses to 5 percent, So far, houses acquired under CLSS attracted an effective GST rate of 18 percent (effective GST rate of 12 percent after deducting value of land).

3.  GST Composition Scheme limit hiked:

Finance minister Mr. Jaitley today said that from 1st April 2019, composition scheme limit will be increased to 1.5 crores. Those who come under the composition scheme will pay tax quarterly, but the return will be filed only once a year.

4.  GST Composition also for service Providers
a.    Earlier service providers were not eligible for composition scheme (Except notified services of restaurant & catering i.e defined under Para-6 of Schedule-2 to CGST Act,2017)

b.    Threshold Limit for same is Rs. 50 Lakhs.

c.    The rate of Tax will Be 6 percent.

5.  Calamity cess by Kerela @1%*
a.    Council also allowed Kerala to impose a natural disaster cess of up to 1 percent for a period of up to two years in view of the devastation the state faced due to massive floods in August last year.

b.   The decision will remain same untill the elections.

No comments