GST AMENDMENTS

Taken on 32nd GST Council meeting held on 10th Jan 2019

GST REGISTRATION:

1. The basic exemption limit for a supplier of goods increased from Rs.20 lakhs to Rs.40 lakhs.

2. In the case of a supplier of services, it remains Rs.20lakhs.

3. In the case of special category status.

• A Limit for registration remains at Rs.10lakhs for a supplier of services

• A Limit for registration in case of a supplier of goods increased up to Rs.20 lakhs

• Such states have been given the option to either choose Rs.40 lakhs or Rs.20 lakhs

• threshold limit in a week’s time.

NEW COMPOSITION SCHEME FOR SERVICE PROVIDERS

      4. Those suppliers rendering either independent services or providing a mixed supply of goods & services with a turnover of up to Rs.50 lakhs p.a in the preceding financial year can join this scheme and the tax rate is fixed at 6%.

CHANGES TO EXISTING COMPOSITION SCHEME

      5. An increase in the limit to opt into the scheme will be increased up to Rs.1.5crore effective from 1st April 2019.
      6. Tax to be paid quarterly and GST returns to be filed annually.

CONSENSUS RECEIVED FOR CHARGING CALAMITY CESS IN KERALA   

      7. Kerala has been given the approval to charge Disaster/calamity cess of up to 1% on all the intra-state supplies of goods and services for up to two years.

GST RATE CUTS

      8. No changes in GST rates until revenue spikes, recommended by the GST council.
      9. No GST rate cut on the sale of under-construction flats. Instead, a 7 member group of ministers is formed to study the implications reducing the rates from 12% to 5% on supply of such under-construction properties.

Author:

eStartIndia Team