GST Council 32nd Meeting- GST Exemption Limit Increased From Rs 20 Lacs To Rs 40 Lacs

The 32 GST committee meeting closed on 10 Jan 2019 gives significant help to MSME’s! Fund Minister Arun Jately reports therefore the accompanying reliefs to the GST citizens

MSME : Doubling Threshold Limit!

Category Earlier Exemption New Exemption
Normal Category States Rs 20 lakhs Rs 40 Lakhs
Northeastern States (except J&K) Rs 10 lakhs Rs 20 lakhs

Motivation to celebrate for all Micro Small And Medium Enterprises!!

“The states will have the circumspection to pick up or select down as far as possible. They should educate the Secretariat inside seven days on the off chance that they wish changes in their exclusion limit,” Said the Finance Minister.

Composition Scheme :

  • Limit Increased – From 1 April 2019 the predefined furthest reaches of the arrangement will be upgraded to Rs 1.5 crore in light of a current limit set of Rs 1 Cr.
  • A decent alleviation to the composite citizens and those anticipating selecting for structure exact.
  • No all the more recording of Quarterly Returns – Composition citizens won’t require to document restores each quarter any longer. In spite of the fact that the quarterly risk to make good on government expenses stays unaltered!!

Presently Services Covered – Those rendering blended supply with yearly turnover upto Rs 50 Lakhs will currently be qualified to pick organization collect. Furthermore, the rate of GST will be 6% on such specialist organizations.

Mr. Jately said “Specialist organizations and the individuals who render blended supplies of products and enterprises with a turnover up to Rs 50 lakh in the casual division will be qualified for the arrangement conspire under the GST routine. The piece rate for administrations has been put at 6 percent,” adding to his words that “This 6 percent is lower than the administration impose paid by specialist co-ops with turnover up to Rs 50 lakh,”

Disaster Cess :

The 32nd GST Council meet additionally gave State of Kerala extraordinary capacity to exact 1% disaster cess on the entirety of its intrastate supplies for the following two years.

“There is an arrangement in the GST Act which enables the Council to allow cess for adapting up to normal disasters,” was said in board meet.

Real  estate and Taxation on Lottery :

No indisputable declaration has been made in the regions of land and consistency in the tax assessment of the lottery by methods for GST Council meeting hung on tenth Jan 2019, Thursday. There was a distinction of supposition among those depended to take the choice and henceforth to close a seat of 7 individuals have been made to investigate the issue profoundly.

The Finance Minister Mr Arun Jately said in this regard, “A seven-part GoM has been framed to investigate the GST on land. Another GoM with portrayal from lottery creating and moving states will be shaped for consistency of tax collection on the lottery or different issues emerging out of the lottery. These ecclesiastical boards will give their proposals in the following gathering,”

To finish up the GST Council meeting held today we can cite the expressions of our Finance Minister expressing the thought process behind the choices taken in this meet all the more plainly

Free tool to know Place of Supply

Free tool to know Place of Supply 

Taxmann.com has announced the launch of the ‘Supply Location Tool‘ that can be used to identify the place of supply for the purposes of the GST.

Free tool to know Place of Supply under GST
The tool requires the user to answer some questions related to the transaction that is being carried out. On the basis of user input, the tool quickly identifies the place of supply according to the provisions of the GST Law.

The GST is a tax based on destination, which means that goods and services will be taxed at the place where they are consumed. This brings the concept of the place of supply (POS) under the GST.

 

POS is an essential factor since it helps to know if the transaction is intrastate or interstate supply and, consequently, the tax will be applied, that is, CGST, SGST & amp; IGST.

CGST and SGST are charged if the provider and the recipient are in the same state as the place of supply within the state. However, the identification of POS becomes a challenging task in complex transactions as a seller and buyer, located in two different states, but the goods are delivered in the third state. This tool helps to accurately identify the place of supply in more than 125 different situations. It is absolutely free for users.

Clic Here to access the GST Location Finder Tool for Free

We have conceived this idea because it is very important that a supplier charges the correct tax on the invoice. If he charges CGST and SGST instead of IGST, there will be a deficiency in his IGST responsibility and an overpayment in CGST and SGST.

You will be asked to pay interest on the deficiency and you will not get any interest on the overpayments. Therefore, we have developed this tool that is easy to use and provides the instant result. In fact, this tool saves time, effort and money.

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