GST 32nd Council Meeting on 10th January 2019

GST Council Meeting Updates:

• The council has allowed the state of Kerala to impose a cess of up to 1 percent on intrastate sales for two years, says Finance Minister Arun Jaitley.
• The Goods and Services Tax (GST) Council on Thursday i.e. January 10 doled out a few benefits to medium and small-scale enterprises (MSMEs).
• A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says Finance Minister Arun Jaitley.
• The states will have the discretion to opt up or opt down the exemption limit. They will have to inform the Secretariat within a week if they wish changes in their exemption limit.
• Finance Minister Arun Jaitley said that the threshold limit has been doubled to Rs 40 lakh from Rs 20 lakh. The exemption limit for small states has also been increased to Rs 20 lakh from Rs 10 lakh.
• The services sector will now be eligible for benefits under the composition scheme, which was not available to service sector and previously applicable to manufacturers and traders only.

More reads:

• ITC on sale of DEMO cars Supply under GST
• Supply of identified 49 items conatins 8 digit of HSN in Tax Invoice

• As per the decision of 32nd gst council meeting The composition rate for services sector has been fixed at 6 per cent.
• The exemption limit fixed in 32nd gst council meeting for the composition scheme i.e. 50 lakh for the service sector.
• The finance minister further announced that the limit of the composition scheme has been hiked to Rs 1.5 crore which is 1 crore earlier for availing under the composition scheme.
• Those who opted and fall under the composition scheme to avail it will have to pay tax quarterly where has to filed a single return once during a year.
• Bank account details are not required for GST Registration now. Bank account detail was one of the mandatory requirement for getting GST Registration. As a result, businesses requiring GST registration, were required to wait till their bank account gets opened.so that it was causing delay in GST registration.
• Now it is required after first login because normally a bank account cannot be opened before commencement.

Key Due Dates:

• E-Payment of PF for the month of December is 15th January 2019.
• TDS Return for December Quarter for all the buyers is 31st December 2019.

More updates: 

• Overview of GST Time of Supply
• Overview on Nature of Supply

Quote Of The Day:

“A professional headshot in front of a bookshelf says you’re an intellectual. A professional headshot peeking though a bookshelf says you’re probably under a restraining order.”