The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries. Here’s what was decided:
1) From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Those who come under the composition scheme will pay tax quarterly, but the return will be filed only once a year. The council also approved composition scheme for services.
2) Composition rate for services to be 6%.
3) GST composition limit for services set at Rs 50 lakh.
4) There will be two GST exemption limits. One of Rs 40 lakh and Rs 20 lakh in small states.
Source- Economic Times.