GST Council in its meeting had taken certain decisions for the MSME sector to be effective from April 01, 2019

Mar 08, 2019 | by Avantis RegTech Legal Research Team

The GST Council in its 32nd meeting held on January 10, 2019, inter-alia, had taken following decisions to be effective from April 01, 2019:

•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 that is Rs. 40 lakhs and Rs. 20 lakhs. The threshold for registration for service providers would continue to be Rs. 20 lakhs and in case of Special category States Rs. 10 lakhs.

•Composition scheme for services and mixed suppliers: A composition scheme has been made available for suppliers of services (or mixed suppliers) having an annual turnover in preceding financial year upto Rs. 50 lakhs.

•Increase in turnover limit for the existing composition scheme: The limit of annual turnover in the preceding financial year for availing composition scheme for goods has been increased to Rs. 1.5 crore.


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