Latest GST News: Relief to Small Traders, Revised Turnover for Composition Scheme & More!

Small traders like you, are surely burdened by GST method of tax routine. It’s not just what you think, but, Government now thinks about this issue as well. GOVT considers this problem serious enough which led them to discuss these issues on 10th January 2019 during their 32nd meeting.

Here’s what they have decided for Small Businessman like you which shall be made operational from the 1st of April, 2019:

1. Turnover limit for the existing composition scheme will now be Rs 1.5 Crore instead of 1 Crore that existed so far. Anyhow, some states under special category would decide on whether or not to implement in a week of time.

2. If you’re a composite scheme user, you would now need to file just one return yearly. However, payment of taxes would remain quarterly (along with a simple declaration).

3. You have to register for GST only if your annual turnover > 40 Lakhs instead of 20 Lakhs which results in great relief for Small & Medium Businessmen. The threshold for registration for service providers would still remain Rs 20 lakhs and in case of Special category States Rs 10 lakhs.

4. 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 up to Rs 50 lakhs. This will also be applicable to suppliers of goods and services, who are not eligible for the presently available composition scheme for goods.

5. Every small taxpayer gets Free Accounting and Billing Software to carry out their business accounting digitally.
Well, in this case, the BEST accounting App for Indian Businesses “Vyapar” is always FREE. You can download it HERE.

6. Kerala is allowed to impose natural calamity cess of 1% on the intra-state supply of goods and services. The cess will be levied for two years. This would enable states to collect additional funds in the event of the calamity that took place in the month of August 2018.

Stay updated about the Latest GST News on Vyaparapp.in.

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Happy Vyaparing!!!

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