Recommendations & decision taken by GST Council in meeting held on 10.01.2019.
By: – Ganeshan Kalyani
Goods and Services Tax – GST
Dated:- 14-1-2019<\/p>\n
New Cess in the State of Kerala:
\n * 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.
\nComposition Scheme:
\n\tIncrease 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.
\n\tCompliance Simplification: The compliance under Com<\/p>\n
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\n * The above changes will be made operational from the 1st of April, 2019.
\n\tComposition Scheme to Residential Segment and tax on lotteries.
\n * 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.
\n * And a Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries.
\nThreshold limit for registration:
\n\tHigher 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 on<\/p>\n
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