GST Council Meeting Updates: Exemption limit hiked for small traders; More details here
GST council meeting: The Goods and Services Tax Council met today to discuss lowering GST on under-construction flats and houses to 5 per cent, as well as hiking exemption threshold for small and medium enterprises.
GST council meeting: The Goods and Services Tax Council met to discuss lowering GST on under-construction flats and houses to 5 per cent, as well as hiking exemption threshold for small and medium enterprises. Finance minister Arun Jaitley is chairing the meeting. In its previous meeting on December 22, 2018, the Council had rationalised the 28 percent tax slab and reduced rates on 23 goods and services. This is the 32nd meeting of the council chaired by Finance Minister Arun Jaitley and comprises his state counterparts. Briefing reporters after the last council meeting, Jaitley had said the next meeting would consider rationalization of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh.
Check this space for updates on GST Council Meeting January 2019
GST exemption limit hiked! Decision taken in GST Council Meeting
Finance Minister Arun Jaitley said after the GST meeting that exemption limit for GST for those with a turnover up to 20 lakh has been increased to 40 lakhs. Image: Twitter/Ministry of Finance.
GST Composition Scheme Limit Hiked
Finance minister Arun Jaitley today said that from 1st April 2019, composition scheme limit will be increased to 1.5 crores. Those who come under the composition scheme will pay tax quarterly, but the return will be filed only once a year. Council approved composition scheme for Services. (Reuters)
GST: Service Tax at 6 Percent
According to TV reports, service tax payers will be taxed at 6 per cent with a threshold of up to Rs 50 lakh per annum. (Reuters)
GST council meeting January 2019: Composition scheme for small suppliers expected
GST council meeting January 2019: The GST council is expected to consider today a composition scheme for small suppliers, apart from discussing levying a calamity cess as well as GST rates on the lottery. Currently, the Goods and Services Tax (GST) is levied at 12 percent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale. However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale. (File photo/PTI)
More updates on the GST council meeting outcome soon...
GST council meeting January 2019: Will rates be lowered for small traders?
GST council meeting today: One of the major issues to be discussed in the GST council meeting today is raising the exemption threshold from Rs 20 lakh to Rs 75 lakh for small and medium enterprises.
GST council meeting today: Arun Jaitley chairs meeting
Finance Minister Arun Jaitley chairs the 32nd GST Council meeting in New Delhi. Outcome of the meeting will be out soon. Image: Twitter/PIB.