Breaking: Key takeaways from 32nd GST Council Meeting

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Breaking: Key takeaways from 32nd GST Council Meeting:

Finance Minister Arun Jaitley chairs the 32nd meeting of the Goods and Services Tax Council, in Delhi. Revenue Secretary, Dr. Ajay Bhushan Pandey is also seen.

Below are Key takeaways from 2nd GST Council Meeting:

1. Threshold limit for GST Registration increased to 40 Lakhs
Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.

2. Power to states
Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.

3. Composition limit increased to 1.5Cr & Quarterly payment and Annual Return 
The existing Composition Scheme turnover threshold raised to Rs 1.5 crore.Those who use the scheme from April 1,2019. Now Composition tax payers will pay tax quarterly, but file returns annually.

4 Composition scheme for services
Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme.

5 Calamity cess by Kerela @1%
GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: continued till election 2019.

6 Rate for services under comp scheme @ 6%
Compounding rate for services under composition scheme is fixed at 6 percent.

7 RealEstate
A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley.

You may also refer : 32nd GST Council Meeting Updates

Earlier GST Council Meeting Updates

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