Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet

*Major Decisions taken by the GST Council in its 32nd Meeting :*

*1. Composition Scheme:*

Annual Turnover limit in the preceding Financial Year for availing Composition Scheme for Goods shall be *increased to Rs. 1.5 crore.

A Composition Scheme shall be made available for *Suppliers of Services (or Mixed Suppliers) with a Tax Rate of 6%* instead of 18%, having an Annual Turnover in the preceding Financial Year up to Rs 50 lakhs to file *one Annual Return* but *Payment of Taxes would remain Quarterly*.

2. Higher Exemption Threshold Limit for Supplier of Goods:*

Two Threshold Limits for exemption from Registration for the suppliers of Goods i.e. Rs 40 lakhs and Rs 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 Rs 20 lakhs*

*3. Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN.*

*4. 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.

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