MOF Notifies Decisions taken in 32nd GST Council Meeting

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MOF Notifies Decisions taken in 32nd GST Council Meeting

Ministry of Finance has Notified the Decisions taken in 32nd GST Council Meeting. Some of the Important decisions taken in 32nd GST Council meeting that have been notified are :

1.) Increase in Turnover Limit for the existing Composition Scheme: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods has been increased to Rs 1.5 crore.

2.) Higher Exemption Threshold Limit for Supplier of Goods: Government has notified that a person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs is exempt from taking Registration in GST.

3.) Composition Scheme for Services: A Composition Scheme has been 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.

4.) Besides notifying the above mentioned decisions, CBIC has also released notification announcing, Due dates of filing GSTR-3B and GSTR-1 for the period of April to June 19

5.) CBIC has also issued a clarification on tax treatment of sales promotion schemes under GST.

MOF Notifies Decisions taken in 32nd GST Council Meeting

The Relevant notifications of Decisions taken in 32nd GST Council Meeting is given below for your reference:

Central Tax Notifications

14/2019-Central Tax , dt. 07-03-2019

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Seeks to supersede notification No. 08/2017 – Central Tax dated 27.06.2017 in order to extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores.

13/2019-Central Tax , dt. 07-03-2019

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Seeks to prescribe the due dates for furnishing of FORM GSTR-3B for the months of April, May and June, 2019.

12/2019-Central Tax , dt. 07-03-2019

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Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months of April, May and June, 2019.

11/2019-Central Tax , dt. 07-03-2019

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Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover upto Rs. 1.5 crores for the months of April, May and June, 2019.

10/2019-Central Tax , dt. 07-03-2019

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To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs.

Central Tax (Rate) Notifications

02/2019-Central Tax (Rate) , dt. 07-03-2019

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To give composition scheme for supplier of services with a tax rate of 6% having annual turn over in preceding year upto Rs 50 lakhs.

Union Territory Tax Notifications

02/2019-Union Territory Tax, dt. 07-03-2019

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To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs.

Union Territory Tax (Rate) Notifications

02/2019-Union Territory tax(rate), dt. 07-03-2019

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To give composition scheme for supplier of services with a tax rate of 6% having annual turn over in preceding year upto Rs 50 lakhs

These notifications would be effective from 1st April 2019 i.e. are relevant for FY 2019-20

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