Council decides to increase GST registration threshold limit to 40 lakh rupees from 20 lakh; Also agrees to allow composition tax payers to pay GST quarterly and only one annual return.
The 32nd Goods and Services Tax Council meeting concluded in New Delhi on Thursday.
Briefing media, Finance Minister Arun Jaitley said that GST Council has hiked annual turnover for availing composition scheme to Rs 1.5 cr from Rs 1 cr with effective April 1, 2019.
Finance Minister Arun Jaitley also said Tax payers who are giving Services of up to Rs 50 lacs per annum will be taxed under 6% under Composition Scheme.
Jaitley said that council has decided to simplify the compliance under the composition scheme.
GST Council has decided to increase GST registration threshold limit to Rs 40 lakh from Rs 20 lakh.