Modi government gives big relief to traders: The 32nd meeting of the Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley has ended. There is a consensus on providing relief to small businessmen in the meeting. For the merchants, the limit of composition scheme has been increased from Rs. 1 crore to Rs. 1.5 crore.
Understanding the easy language, the producer with turnover of 1.5 crore rupees will now get the benefit of this scheme. Companies that take advantage of GST Composition Scheme will have to file only one annual return, while tax payments will be made once in every quarter. This new rule will be applicable from 1st April this year.
Modi government gives big relief to traders, less than 4 million turnover will not look at GST
Apart from this, GST Council has increased the GST scope. Now traders who make up to 20 lakh rupees were in the realm of GST but now they will be in the realm of 40 lakh turnover GST. In the small states including the North-East, the limit which was 10 lakhs has been reduced to 20 lakh rupees. In this way many small businessmen will be out of the realm of GST. Now these small businessmen will not have the hassles of GST registration.
After the Council meeting, Finance Minister Arun Jaitley said while addressing the media that Kerala has been allowed to install a 1% cess on sale within the state for two years. Apart from this, a group of Ministers has been constituted to discuss this after considering differences with GST on real estate and lottery in GST Council.
The discount which was expected of the under construction houses, is not available right now. Indeed, there were indications that under the GST Council meeting, the under construction buildings can be removed from the slab of 12 per cent and within the 5 per cent area. But there is no relief in this case right now.
FM Arun Jaitley after GST meet: 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 pic.twitter.com/xy4bMJeJIN
— ANI (@ANI) January 10, 2019
PM Modi also gave signals(Modi government gives big relief to traders)
Prior to this, Prime Minister Narendra Modi had on Wednesday said that he has urged the GST Council to give exemption from GST registration to the enterprises doing business up to Rs 75 lakh annually. Apart from this, the houses for the middle class have been requested to bring the GST to the extent of 5 percent. The Prime Minister said that the right to decide about this is not in his hand, but in the hands of the GST Council. All state governments are members of this council. Together they have to make a decision about this. Let me tell you that the last meeting of GST Council was held on December 22. In this meeting, tax rates on 26 goods and services were reduced. He hoped that in the days to come, GST Council will take care of this in favor of the public.
418 total views, 1 views today