32nd GST Council Meet

32nd GST Council meet updates: Returns under composition scheme only once in a year:FM Arun Jaitley

The GST Council  meet relaxed the tax exemption limit to Rs 40 lakh from the earlier cap of Rs 20 lakh during its 32nd meeting on today.

GST Council Meet key Updates:-

  • A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley. 
  • The exemption limit for MSMEs has been raised to Rs 40 lakh of annual turnover, says FM Arun Jaitley.
  • The GST council also doubles the annual turnover threshold for GST registration, says FM Arun Jaitley.
  • The council has allowed the state of Kerala to impose a cess of up to 1 percent on intrastate sales for two years, says FM Arun Jaitley.
  • The GST composition limit for services is now set at Rs 50 lakh, says FM Arun Jaitley.
  • The composition scheme limit has been hiked from Rs 1.50 crore, says FM Arun Jaitley.
  • After the devastating floods that took place in 2018, Kerala has been permitted to levy a 1 percent cess for two years, according to a CNBC TV 18 report.
  • The threshold for the GST registration has been raised for businesses with an annual turnover of Rs 50 lakh, Bloomberg Quint quoted Andhra Pradesh’s Finance Minister Y Krishnudu on the sidelines of the meeting. Currently, businesses with a turnover of gambit of Rs 20 lakh or above fall under GST.
  • GST threshold to be raised for turnover of Rs 50 lakh and above 
    The threshold for the GST registration has been raised for businesses with an annual turnover of Rs 50 lakh, BloombergQuint quoted Andhra Pradesh’s Finance Minister Y Krishnudu on the sidelines of the meeting. Currently, businesses with a turnover of gambit of Rs 20 lakh or above fall under GST.
  •  The GST Council is currently discussing GST rate on under construction properties, reports BloombergQuint quoting Andhra Pradesh Finance Minister YR Krishnudu. He adds that the GST registration to 50 lakh. 
  • The GST Council meeting is still underway. It may go beyond 2-230 pm as the GST Council is yet to discuss several items on the agenda. Stay tuned for live updates of the 32nd GST Council meet.
  • Currently, businesses below annual turnover of Rs 20 lakh are exempted from paying GST. The proposal is to increase this threshold for MSMEs. The Council may also bring small service suppliers under the composition scheme — an alternate method of taxation that allows small businesses with annual turnover up to Rs 1 crore to pay tax at a concessional rate as well as reduce the compliance cost.
  • It’s more than two hours since the meeting began and reports from the ground indicate that it may go beyond 2-230 pm as the GST Council is yet to discuss several items on the agenda.
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