Parul
As per news reports, the Goods and Services Tax (GST) Council has notified the decisions it took for the medium and small scale enterprises (MSMEs) at its 32nd meet in the month of January to be effective from 1st April.
Finance Minister Arun Jaitley announced at a press conference after a GST Council Meet on January 10 that the composition scheme which was only applicable to manufacturers and traders will be applicable to the service sectors as well. He also stated that, the turnover threshold limit for filing the GST returns will be doubled to ₹ 40 lakh for the major states and ₹ 20 lakh for the small states including the northeast states.
He further added, the existing composition limit of ₹ 1 crore for manufacturers, traders and restaurant service providers had been revised to ₹ 1.5 crore and the 3.8 per cent of India’s MSMEs located in Kerala will also get flood relief through a cess of up to one per cent on intra-state sale for a maximum of two years. According to reports, all these decisions taken in the GST meeting will now be effective from April 1, 2019.
