Several important decisions were taken at the 32nd meeting of the GST Council on Thursday in the Capital. Under which, 40 lakh turnover traders will not be included in the GST. GST Council has increased the annual turnover limit from one crore to 1.5 crore rupees to take advantage of composition scheme. This will be effective from April 1, 2019.
After the GST Council meeting, Finance Minister Arun Jaitley said that there will be two types of exemption limit. The turnover of the first 40 lakh will remain. The discount to the other smaller states has been reduced from Rs 10 lakh to 20 lakhs.
Jaitley said that the companies taking advantage of the GST composition plan will only have to file an annual return, while tax payments can be done once in every quarter. He said that after the differences in GST on real estate and lottery in the GST Council, a group of Ministers was formed to discuss it.
By this market update, due to decreasing GST rates, 23 items and services including TV will be affordable
The increased limit of annual business
The Finance Minister said that GST Council allowed Kerala to impose one percent cess on sale within the state for two years. He said that for the exemption of GST, the annual turnover limit was increased to Rs 40 lakh, whereas the limit for the North-Eastern states was Rs 20 lakhs.
Arun Jaitley said that the GST Council increased the annual turnover limit from Rs one crore to 1.5 crores to take advantage of composition scheme, it will be effective from April 1, 2019.