Goods and Services Tax – GST – By: – Ganeshan Kalyani – Dated:- 14-1-2019 – New Cess in the State of Kerala: Revenue Mobilization for Natural Calamities: GST Council approved Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years. Composition Scheme: Increase in Turnover Limit: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased from ₹ 1 crore to ₹ 1.5 crore. This change will be made operational from the 1st of April, 2019. Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment
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position Scheme to Residential Segment and tax on lotteries. A seven Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of the Real Estate Sector. And a Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries. Threshold limit for registration: 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. ₹ 40 lakhs and ₹ 20 lakhs. States would have an option to decide about one of the limits within a weeks time. The Threshold for Registration for Service Providers would continue to be ₹ 20 lakhs and
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