Key updates of 32nd GST Council Meeting

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The 32nd GST Council meeting concluded in New Delhi with a catena of changes in the present Goods and Services Tax regime.
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In a significant move, the Council has rationalized the Composition Scheme and approved disaster cess proposed by Kerala subject to conditions. Another important decision made by the Council is the hike in GST exemption Limit to 40 lakhs.
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Below are the Key Updates of 32nd GST Council Meeting.

• GST Council has decided to increase GST registration threshold limit to Rs 40 lakh from Rs 20 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.
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• 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.
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• GST Council agrees to allow composition tax payers to pay GST quarterly and file returns annually. The council also approved composition scheme for services.
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• GST Council decides to Increase the limit of annual turnover for composition scheme to 1.5 cr effective from 1st April 2019
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• Real estate issues referred to the Group of Ministers, the composition is expected to be announced soon
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• Compounding rate for services under composition scheme is fixed at 6 percent.
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• composition limit for services set at Rs 50 lakh
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• Kerala Govt to levy a 1 percent calamity cess for 2 years to shore up funds for rehabilitation
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• Yearly return for tax payers of composition scheme.
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• GST Council sets up committee to consider real estate GST rates says Finance Minister

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ACA SOURAV BAGARIA