The GST Council in its 32nd Meeting held on 10th January, 2019, inter-alia, had taken the following decisions to be effective from 1st April, 2019 (01.04.2019):
Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from registration and payment of GST for the Suppliers of Goods i.e. Rs. 40 lakhs and Rs. 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 Rs. 20 lakhs and in case of Special Category States Rs. 10 lakhs.
Composition Scheme for 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 Rs 50 lakhs.
Increase in Turnover Limit for the Existing Composition Scheme: The Limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs. 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 7th of March, 2019 for higher exemption Threshold Limit for Supplier of Goods;
- Notification No. 02/2019 - Central Tax (Rate), dated the 7th 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 7th of March, 2019 for Increase in Turnover Limit in case of existing Composition Scheme.
These Notifications shall come into effect from the 1st of April, 2019.
- Notification No : 14/2019-Central Tax: Seeks to supersede notification No. 08/2017 - Central Tax dated 27.06.2017 in order to extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores.
- Notification No : 13/2019-Central Tax : Seeks to prescribe the due dates for furnishing of FORM GSTR-3B for the months of April, May and June, 2019.
- Notification No : 12/2019-Central Tax : Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months of April, May and June, 2019.
- Notification No : 11/2019-Central Tax: Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover upto Rs. 1.5 crores for the months of April, May and June, 2019.
- Notification No : 10/2019-Central Tax: To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs.
- Notification No : 02/2019-Central Tax (Rate): To give composition scheme for supplier of services with a tax rate of 6% having annual turn over in preceding year upto Rs 50 lakhs.
- Notification No : 02/2019-Union Territory tax(rate): To give composition scheme for supplier of services with a tax rate of 6% having annual turn over in preceding year upto Rs 50 lakhs
- Notification No : 02/2019-Union Territory Tax: To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs.
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