32nd GST Council Meeting held on 10th January, 2019 in New Delhi (Highlights)

• The recently held GST council meeting made some amendments in the GST rules:

• Revised GST rate of 6 per cent applicable to the composition scheme service provider having turnover up to 50 lakh per annum.

• Free billing & cost accounting software in development.

• Committee set up for real estate sector to go through the issues and submit a report

• GST Council permits the Kerala Govt to levy 1 per cent calamity cess for 2 years to collect funds for rehabilitation

• 6 per cent GST rate applicable to the Composition scheme for service providers and turnover up to 50 lakh per annum.

• The registration threshold limit under GST increased from earlier INR 20 lakh to INR 40 lakh. Kerala & Chattisgarh given option to remain in any limit either 20 lakh or 40 lakh. Also, Northeastern and hilly states threshold limit doubled more than 20 lakhs.

• It was also announced that a free billing and cost accounting to be made available for the small taxpayers to reduce compliance cost.

• GST Council increased the limit of annual turnover for composition scheme taxpayers to 1.50 Crores, effectively from 1 April 2019 under which the composition taxpayers allowed to file returns annually and pay tax on a quarterly basis.

• The meeting has been started at the Vigyan Bhawan, Delhi chaired by the Union finance minister Arun Jaitley and state wise finance ministers.

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Blog source : GST Council official

Signed Minutes - 32nd GST Council Meeting.pdf

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