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.

Applicability:

• 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).

Applicability:

• 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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