TMI BlogImplementation of various decisions taken by the GST Council for the MSME Sector; Issue of Notifications there ofX X X X Extracts X X X X X X X X Extracts X X X X ..... Implementation of various decisions taken by the GST Council for the MSME Sector; Issue of Notifications there of - Goods and Services Tax - GST Dated:- 7-3-2019 - News - The GST Council in its 32 nd Meeting held on 10 th January, 2019 , inter-alia, had taken the following decisions to be effective from 1 st April, 2019 (01.04.2019): Higher Exemption Threshold Limit for Supplier of Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods : There would be two Threshold Limits for exemption from registration and payment of GST for the Suppliers of Goods i.e. ₹ 40 lakhs and ₹ 20 lakhs. States would have an option to decide about one of the limits. The Threshold for Registration for Service Providers would continue to be ₹ 20 lakhs and in case of Special Category States ₹ 10 lakhs. Composition Scheme fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Services and Mixed Suppliers : A Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a tax rate of 6% (3% CGST + 3% SGST) having an Annual Turnover in preceding Financial Year upto ₹ 50 lakhs. Increase in Turnover Limit for the Existing Composition Scheme : The Limit of Annual Turnover in the preceding Financial Year for availing Composition S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheme for Goods shall be increased to ₹ 1.5 crore. Special Category States would decide about the Composition Limit in their respective States. The following Notifications have been issued to implement the above decisions: Notification No. 10/2019 Central Tax, dated the 7 th of March, 2019 for higher exemption Threshold Limit for Supplier of Goods; Notifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion No. 02/2019 Central Tax (Rate), dated the 7 th of March, 2019 for Composition Scheme for Services and Mixed Suppliers, which would be optional to the taxpayers; Notification No. 14/2019 Central Tax, dated the 7 th of March, 2019 for Increase in Turnover Limit in case of existing Composition Scheme. These Notifications shall come into effect from the 1 st of Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ril, 2019. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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