GST Council has made a big decision about the composition scheme. GST Council today has made several big decisions for businesses and the general public. This was the Council’s 32nd meeting. GST Council has made several changes in the composition scheme and GST limit. Know what are the major decisions related to GST today. According to ET Now’s exhaustive news, the limit of composition scheme has been reduced to Rs 1.5 crore in the meeting. This new limit will be applicable from 1 April 2019. Apart from this, GST Council has allowed SMEs to file annual returns. However, these small traders have to pay tax every quarter. Earlier, they had to fill the returns in every quarter.
GST Council can extend the GST scope today too. Now the business of up to Rs 20 lakh comes under the purview of GST. This limit can be increased to Rs 40-50 lakh. For this reason many small businessmen will be out of the realm of GST. These small businessmen will not have the hassles of GST registration. The finance minister of all the states is included in the GST Council meeting. This meeting is being held today in Delhi under the chairmanship of Finance Minister Arun Jaitley. GST Council takes a decision on all matters connected with GST. In the previous meeting, the rate of tax was reduced on 26 things. It is yet to be informed of the other decisions related to GST Council meeting.
GST Council may also approve disaster cess today. This discount can be received by Kerala. Kerala can be allowed to impose 1% cess. Apart from this, the GST can be reduced to 5% on under construction, flat and house. In December, the government got a collection of Rs 94,726 crore through GST. In this meeting, service sector units doing business up to 50 lakhs can also be brought under the composition scheme. These can be 5 percent GST. The Group of Ministers has recommended the payment of accounting and billing software for free of up to 1.5 crore business units.
GST Council can extend the GST scope today too. Now the business of up to Rs 20 lakh comes under the purview of GST. This limit can be increased to Rs 40-50 lakh. For this reason many small businessmen will be out of the realm of GST. These small businessmen will not have the hassles of GST registration. The finance minister of all the states is included in the GST Council meeting. This meeting is being held today in Delhi under the chairmanship of Finance Minister Arun Jaitley. GST Council takes a decision on all matters connected with GST. In the previous meeting, the rate of tax was reduced on 26 things. It is yet to be informed of the other decisions related to GST Council meeting.
GST Council may also approve disaster cess today. This discount can be received by Kerala. Kerala can be allowed to impose 1% cess. Apart from this, the GST can be reduced to 5% on under construction, flat and house. In December, the government got a collection of Rs 94,726 crore through GST. In this meeting, service sector units doing business up to 50 lakhs can also be brought under the composition scheme. These can be 5 percent GST. The Group of Ministers has recommended the payment of accounting and billing software for free of up to 1.5 crore business units.
All this information is not yet published or officially announced.
*FinTax*
91 9892094003
fintax.ca@gmail.com
91 9892094003
fintax.ca@gmail.com
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