Multiple threshold Limits for GST registration – Supplier of Goods
• The GST council has decided to introduce two threshold limits – 20 Lakhs and 40 Lakhs for GST registration for supplier of goods
• The states have an option to select one of the limit within a week’s time
• It should be noted that threshold for service providers would remain the same as earlier
The threshold limit for composition scheme for manufacturers and traders of goods would be increased from the INR 1 crore to INR 1.5 crore w.e.f 1 April 2019.
Composition scheme for service providers (other than restaurant services) introduced
A new Composition scheme would be introduced w.e.f 1 April 2019 for service providers as well as suppliers of mixed supplies (of goods and services) with a turnover in preceding financial year up to INR 50 lakhs. The tax rate will be 6% (3% CGST + 3% SGST).
Simplification of compliances
Composition dealers would be required to file one annual return and pay taxes quarterly along with a simple declaration from 1 April 2019
1% cess for Kerala intra-state supplies
The GST council has approved to charge 1% cess on intra-state supply of goods and services within Kerala for period not exceeding two years.