Outcome of the 32nd GST Council Meeting held on 10th January, 2019

The GST Council held its 32nd meeting in New Delhi on 10th January, 2019. In the meeting, GST council has broadly taken the following decisions –

  1. GST Council also 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 exceeding 2 years.
  2. The limit of annual turnover in the preceding financial year for availing composition scheme for goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the composition limit in their respective States.
  3. Taxpayers under composition scheme will now need to file one annual return but payment of taxes would remain quarterly (along with a simple declaration)
  4. There would be two threshold limits for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits within a weeks’ time. However, the threshold for registration for service providers would continue to be Rs 20 lakhs and in case of Special category States Rs 10 lakh
  5. A composition scheme shall be made available for suppliers of services (or mixed suppliers) with a tax rate of 6% (3% CGST + 3% SGST) having an annual turnover in preceding financial year upto Rs 50 lakhs. The said scheme shall also 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.
  6. Following matters were referred to Group of Ministers

i)  Proposal of giving a composition scheme to boost the residential segment of the real estate sector.

ii)  GST rate structure on lotteries.

7.  Changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (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.

For more information please refer the attached Press Releases

Source: Central Board of Indirect Taxes and Customs

Share this:

Sign up for our

Newsletter

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Lexplosion will use the information you provide on this form to be in touch with you and to provide updates and marketing.