Goods and Services Tax

Major Decisions taken by the GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley

Goods and Services Tax – GST – Dated:- 10-1-2019 – The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others – 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 shall be increased to ₹ 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States. 1.1 Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to f

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the preceding Financial Year up to ₹ 50 lakhs. 3.1 The said Scheme Shall be applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods. 3.2 They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration). 4. Effective date: The decisions at Sl. No. 1 to 3 above shall be made operational from the 1st of April, 2019. 5. Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN. 6. Matters referred to Group of Ministers: i. A seven Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of

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