New Threshold Limits Under GST
The Goods and Services Tax (GST) council, at its 32nd meeting held on 10th January 2019, announced several changes one of which includes Changing the Threshold Limits under GST.
- The new structure for the composition scheme that will come into effect from April 1, 2019.
- Now under composition scheme, need to file one Annual Return, but Payment of Taxes would remain Quarterly (along with simple declaration).
- Will be effective from April 01,2019
- 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 the preceding Financial Year up to Rs 50 lakhs.
- The said Scheme Shall be applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods.
- They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration).
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