32nd GST COUNCIL MEETING MINUTES HELD ON 10.1.2019
The Goods and Services Tax Act, 2017 came into force in
India with effect from 1.7.2017.
GST council is a governing body to
regulate and direct each and every step for the implementation of goods and
service tax in India with decisions over tax rates and further implementation
measures.
The GST Council consist the following personnel.
- The Union
Finance Minister who will be the CHAIRMAN of the council;
- The
Union Minister of State in charge of Revenue or Finance who will be the
MEMBER of council;
- ONE
MEMBER from each state who is Minister in charge of Finance or Taxation or
any other Minister and anyone of them will be VICE CHAIRMAN of the GST
Council who will be mutually elected by them.
Note
- The
Secretary of Revenue Department will work as EX-Officio Secretary to the
GST Council,
- The
Chairperson of Central Board of Excise and Customs will be the permanent
invitee in all the proceedings of the GST Council who will not have the
voting rights.
So far 31 GST Council Meetings were held and various decisions were
taken for implementation.
In the 32nd GST Council meeting held on 10.1.2019, the
following important and favourable decisions were taken for small businesses
and composition taxpayers and service providers etc including free supply
of Accounting and Billing Software to small taxpayers by GSTN.
The decisions taken at the 32nd GST Council meeting is given
below for ready reference:
Press note on decisions
taken by the GST Council in the 32nd meeting held on 10th
January,
2019
GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following
decisions to give relief to MSME (including
small traders), and took following
other decisions-
1. Increase in turnover limit for the existing composition scheme: The limit of annual turnover
in the
preceding financial year for availing composition scheme for goods shall be increased to Rs 1.5 crore. Special category
States would decide, within one week, about the composition limit
in their respective States.
1.1 Compliance simplification: The compliance
under composition scheme shall be
simplified as now they would need to file one annual return but payment of taxes would remain
quarterly (along
with a simple declaration).
2. Higher 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. 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 and in case of Special
category States Rs
10 lakhs.
3. Composition scheme for services: A composition scheme shall be made available for
suppliers of services (or mixed suppliers) with
a tax
rate of 6% (3% CGST + 3% SGST) having
an annual turnover in
preceding financial year
upto Rs 50 lakhs.
3.1 The said scheme shall be applicable to both service providers as well as suppliers of
goods and services, who are not eligible for the presently available composition scheme for
goods.
3.2 They would
be liable to file one annual return with quarterly payment of taxes (along with a simple declaration).
4.
Effective date : The decisions at Sl. No. 1 to 3 above shall be made operational from the
1st of April, 2019.
5. Free Accounting
and
Billing Software shall be provided
to small taxpayers by GSTN.
6. Matters referred to Group of Ministers:
i. 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.
ii. A Group of Ministers shall be constituted to examine the GST rate structure on lotteries.
7. 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.
Note: The decisions
of the GST Council have been presented
in this release in
simple language for easy
understanding. The same would be given effect to through Gazette notifications/
circulars which
shall have the force of
law.
Press Release
Recommendations
made during 32nd Meeting of the GST
Council held on 10th January,
2019
January 10,
2019
The GST Council in its 32nd meeting held today at New Delhi gave approval for the
following:
a. Changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST
(Amendment) Act, 2018 and GST (Compensation to States) Amendment Act,
2018 along with amendments in CGST Rules,
notifications and
Circulars
issued
earlier and the corresponding changes in SGST
Acts would be notified w.e.f.
01.02.2019.
b. The last date for passing the examination for GST Practitioners to be extended till
31.12.2019 for those GST Practitioners who have enrolled under rule 83(1)(b) i.e.
who were sales tax practitioner or tax return preparer
under the existing law for a period of not less
than five years.
Note: The decisions of the GST Council have
been presented in this release in simple language for
easy understanding. The same
would be
given effect to through Gazette notifications/ circulars which alone shall have the
force of law.
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