Highlights of 32nd GST Council Meeting | 32nd GST Council Meeting updates

Highlights of 32nd GST Council Meeting | 32nd GST Council Meeting updates

Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet
1. Threshold limit 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 from the present 1 cr*
The existing Composition Scheme turnover threshold raised to Rs 1.5 crore.
*4 Quarterly payment and Annual Return*
Now Composition tax payers will pay tax quarterly, but file returns annually.
*5 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.
*6 Rate for services under composition 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.
*8 Calamity cess by Kerela @1%*
GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: continued till election 2019.hope notified soon
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