The 32nd GST Council meeting concluded in New Delhi with a catena of changes in the present Goods and Services Tax regime.
In a significant move, the Council has rationalized the Composition Scheme and approved disaster cess proposed by Kerala subject to conditions. Another important decision made by the Council is the hike in GST exemption Limit to 40 lakhs.
- Council approves the levy of 1% Disaster Cess by Kerala on Intra-State Sales for two years.
- Exemption Limit for GST doubled to 40 Lakhs all States, 20 lakhs for North-East Small states.
- GST Composition Scheme Threshold increased to 1.5 Crore w.e.f 1st April 2019.
- Quarterly Tax payment and Annual Return for Composition Taxpayers.
- GST Composition Scheme extended to Service Providers with turnover up to 50 Lakhs. 6% GST applicable to such services.
- To discuss relief to real estate sector, GoM comprising 7 members formed. For Lottery also, GoM constituted.
- No Further Tax Rate reduction unless the Revenue moves up, said Finance Minister Arun Jaitley.