Gst Registration Turnover Limit To Be Increased To 40 Lakhs

In GST council meeting conducted today the major decision was to give relief to small traders.

For those dealing in Goods, turnover limit for GST registration is increased to Rs. 40 lakhs. States are given 10 days time to decide on registration limit of either Rs. 40 lakhs or Rs. 20 lakhs.

Among other major decisions taken now composition dealers will have to file only a single return annually, however tax will be required to be paid on monthly basis.

The 2 major decisions will further help in ease of doing business.

Traders have been demanding a higher turnover limit and composition dealers also requested for annual returns.

Government wants to please everyone before general elections and these benefits are in line with planning.

Other major decisions taken are:

1. Composition scheme now available to service providers also by paying 6% GST. This applicable to service providers with turnover up to Rs. 50 lakhs.
2. GSTN will provide free accounting and Billing software.
3. Last date for passing GSTP examination is extended to 31/12/2019.

These are some major announcement. We are further analyzing the decisions and convey.