⛳Threshold limit increased to 40 Lakhs
🌴Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.
⛳Power to states
🌴Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.
⛳Composition limit increased to 1.5 cr from the present 1 cr
🌴The existing Composition Scheme turnover threshold raised to Rs 1.5 crore in preceding FY.
🌴Scheme effective from April 1, 2019.
🌴 Special Category States to decide in 1 week about the composition limit in their respective states.
⛳Quarterly payment and Annual Return
🌴Composition tax payers will pay tax quarterly, but file return annually (with self declaration).
⛳Composition scheme for services
🌴Those providing services or mixed supplies (goods and services) with a turnover in preceding FY up to Rs 50 lakhs will now be entitled to avail composition scheme.
🌴 Applicable for those who are not eligible for the presently composition scheme for goods.
⛳Rate for services under composition scheme @ 6%
🌴Compounding rate for services under composition scheme is fixed at 6 percent (3% cgst + 3% sgst).
⛳ Free Accounting and billing software for small taxpayers
⛳ RealEstate & Lotteries
🌴 A committee has been set up to consider real estate & lotteries GST rates, a consensus is yet to be achieved.
⛳ Calamity cess by Kerela @1%
🌴GST Council decides Kerala levy 1% cess for 2 years on intra-state supply