The 32nd GST Council Meeting was held today at New Delhi. The FM has announced some favorable reforms for the businesses.
Here are the key updates from the 32nd GST Council Meeting
- The GST registration threshold limit doubled. Increased to Rs.40 lakhs from the existing Rs.20 lakhs.
- Composition taxpayers allowed to pay GST quarterly and file returns annually.
- The exemption limit for MSMEs raised to Rs.40 lakhs of annual turnover
- Kerala allowed to impose 1% cess for 2 years, for Kerala flood relief
- Composition scheme introduced for Service providers. Limit set to Rs. 50 lakhs.
- Composition rate for service providers set to 6%
- The existing composition scheme for other than service providers raised to Rs. 1.5 crores from the existing Rs. 1 crores.
- Revision of GST rates for real estate under consideration with the committee.