32nd GST Council Meeting – GST threshold exemption limit has been doubled to Rs 40 lakh from Rs 20 lakh.
32nd GST Council Meeting under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun jaitely concluded today in national capital.
The GST council in its 32nd meeting today has given massive relief for MSME sector.
Major Highlights of the decisions taken at the meeting are:
- Free accounting and billing software will be made available to small assessees upto Rs.1.5 crore turnover.
- Exemption limit for paying GST for goods increased from Rs.20 lakhs to Rs.40 lakhs. For North-East and hill States, the exemption limit has been raised from Rs.10 lakhs to Rs.20 lakhs
- To ease compliance burden, a single annual return with quarterly tax payments has been introduced for the composition schemes.
- A new composition scheme has been introduced for services sector and for mixed transactions of goods and services with turnover limit of Rs.50 lakhs at 6% GST.
- The limit of composition schemes for goods has been raised to Rs.1.5 crore at 1% GST rate.
Details of other relief and concession offered shall be updated as soon as available.
