Key takeaways of the 32nd GST Council meeting

• Increase in GST registration limit from Rs20 lakhs up to Rs 40 lakhs for suppliers of goods.
• Changes in the existing composition scheme made by increasing the turnover limit to join the scheme up to Rs 1.5 crores, tax payments to be made quarterly and returns to be filed annually starting 1st April 2019.
• New composition scheme is introduced for service providers and those who supply services along with goods; the Turnover limit set is Rs 50 lakhs and the Tax rate is fixed at 6%.
• No rate cuts were announced this time. GoMs were formed to study taxation of under-construction properties & lotteries.
• Calamity cess up to 1% for up to 2 years will be charged for supplies made within the State of Kerala.

Source : https://cleartax.in