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GST Council 32nd Meeting- GST exemption limit increased from Rs 20 lakhs to Rs 40 lakhs
The 32 GST council meeting concluded on 10 Jan 2019 provides major relief to MSME's! Finance Minister Arun Jately announces hereby the following reliefs to the GST taxpayers-
|Category||Earlier Exemption||New Exemption|
|Normal Category States||Rs 20 lakhs||Rs 40 Lakhs|
|Northeastern States (except J&K)||Rs 10 lakhs||Rs 20 lakhs|
A reason to celebrate for all Micro Small And Medium Enterprises!!
“The states will have the discretion to opt up or opt down the exemption limit. They will have to inform the Secretariat within a week if they wish changes in their exemption limit,” Said the Finance Minister.
- Limit Increased – From 1 April 2019 the specified limit of the composition will be enhanced to Rs 1.5 crore in response to an existing limit set of Rs 1 Cr.
A good relief to the composite taxpayers and those looking forward to enrolling for composition levy.
- No more filing of Quarterly Returns – Composition taxpayers will not require to file returns every quarter anymore. Although the quarterly liability to pay taxes remains unchanged!!
- Now Services Covered – Those rendering mixed supply with annual turnover upto Rs 50 Lakhs will now be eligible to opt for composition levy. And the rate of GST will be 6% on such service providers.
Mr. Jately said Service providers and those who render mixed supplies of goods and services with a turnover up to Rs 50 lakh in the informal sector will be entitled to the composition scheme under the GST regime. The composition rate for services has been put at 6 percent, adding to his words that “This 6 percent is lower than the service tax paid by service providers with turnover up to Rs 50 lakh,”
The 32nd GST Council meet also gave State of Kerala special power to levy 1% calamity cess on all its intrastate supplies for the next two years.
There is a provision in the GST Act which allows the Council to permit cess for coping up with natural calamities, was said in council meet.
Real estate and Taxation on Lottery
No conclusive announcement has been made in the areas of real estate and uniformity in the taxation of the lottery by means of GST Council meeting held on 10th Jan 2019, Thursday. There was a difference of opinion amongst those entrusted to take the decision and hence to conclude a bench of 7 members have been made to look into the matter deeply.
The Finance Minister Mr Arun Jately said in this respect, “A seven-member GoM has been formed to look into the GST on real estate. Another GoM with representation from lottery developing and selling states will be formed for uniformity of taxation on the lottery or other issues arising out of the lottery. These ministerial panels will give their recommendations in the next meeting,”
To conclude the GST Council meeting held today we can quote the words of our Finance Minister stating the motive behind the decisions taken in this meet more clearly
Each one of these decisions today are meant to help the SMEs, Mr Arun Jaitley said in GST Council Meeting held on 10th Jan 2019.