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TMI BlogRecommendations & decision taken by GST Council in meeting held on 10.01.2019.X X X X Extracts X X X X X X X X Extracts X X X X ..... Recommendations & decision taken by GST Council in meeting held on 10.01.2019. - By: - Ganeshan Kalyani - Goods and Services Tax - GST - Dated:- 14-1-2019 - - New Cess in the State of Kerala: Revenue Mobilization for Natural Calamities: GST Council approved Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceeding 2 years. Composition Scheme: Increase in Turnover Limit: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased from ₹ 1 crore to ₹ 1.5 crore. This change will be made operational from the 1 st of April, 2019. Compliance Simplification : The compliance under Composition Scheme shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration). This change will be made operational from the 1 st of April, 2019. Composition Scheme for Services: Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a Tax Rate of 6% (3% CGST +3% SGST) having a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Annual Turnover in the preceding Financial Year up to ₹ 50lakhs. The said Scheme shall be applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods. They would be liable to file one Annual Return with Quarterly Payment of Taxes along with a Simple Declaration. The above changes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will be made operational from the 1 st of April, 2019. Composition Scheme to Residential Segment and tax on lotteries. A seven Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of the Real Estate Sector. And a Group of Ministers shall be constituted to examine the GST Rate Structure o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Lotteries. Threshold limit for registration: Higher Exemption Threshold Limit for Supplier of Goods : There would be two threshold Limits for exemption from Registration and Payment of GST for the suppliers of Goods i.e. ₹ 40 lakhs and ₹ 20 lakhs. States would have an option to decide about one of the limits within a weeks time. The Threshold for Registration f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or Service Providers would continue to be ₹ 20 lakhs and in case of Special Category States at ₹ 10 lakhs. This change will be made operational from the 1 st of April, 2019. Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN. Changes made by CGST (Amendment) Act, 2018 , IGST (Amendment) Act, 2018 , UTGST (Amendment) Act, 2018 and G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ST (Compensation to States) Amendment Act, 2018 along with amendments in CGST Rules , notifications and Circulars issued earlier and the Corresponding Changes in SGST Acts would be notified w.e.f. 01.02.2019. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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