The meeting of the GST
Council's 32nd Council was concluded on January 10 and according
to the expectations of the decisions taken in the interest of small and medium
enterprises and business as per the requirement
In addition to this, consider other decisions, let's try to find out what the donors will have on their impact: -
At the time of GST imposing Threshold Limit GST, Rs 20 lakh was fixed, but the Central excise duty was Rs 150 lakh and hence the limit was considered low. The Prime Minister himself had talked of doing it up to 75 The Committee of Ministers also demanded to increase it, it was certain that the limit would increase and the same has been increased from Rs 20 lakh to Rs 40 lakh. This enhanced threshold will be only in relation to "goods" and that too only in relation to the sale of goods within the state, the threshold for service area will remain 20 lakh only. Now GST will be limited to different threshold limits for goods and services. This will benefit small traders and small industries, but the government has also thought about the effects on its revenue. In the states (hill and state of northeast), the limit would be 1 million and there would be 20 lakh and in other states where there was 20 lakh limit, the limit would be 40 lakh. It will also be done on the revenue of the states as it also provides that if the state wants to increase this limit and not want it, then not increase it. But whatever decision the state has to be made, it has to be told within a week. Now if some states increase and some live on the old border, then what will happen to "one country one state", for the services and the goods, then the threshold will now be separated and the states also have different limits Will happen. The decision regarding the threshold will be applicable from 1st April, 2019.
The final limit for composition tax was Rs 100 lakh and it has been decided to increase it from April 1, 2019 to 150 million. The government has already taken the right to increase this limit from Rs 100 lakh to 150 lakh by amending the GST Act, so the entire expectation of practicing 150 lakh in this meeting has been fulfilled.In addition, composition dealers had to fill quarterly returns with quarterly tax, in which it has now been decided that now they will have to pay annual return with quarterly tax. This is a good news for composition dealers and this decision will also be applicable from April 1, 2019.
It has also been decided to bring a composition scheme for the service sector and it will provide service providers up to Rs 50 lakh and pay composition tax at the rate of 6 percent without any input claim. The composition scheme for the service sector is welcome, but the tax rate is higher than expected. In this regard, the rate of tax should be 3 to 4% but keeping it at 6% rate has reduced its utility considerably. This decision will also be applicable from April 1, 2019.
4. GST issues related to real state and lottery: -
Prior to taking decisions on both these issues, this issue has been given to "Group of Matris" for reporting the issue and thus no decision has been taken on these issues in this meeting.
5. No decision on the issue of cement and tire: -
There was no debate at the GST rate of cement and tire in this meeting, so this area has been disappointed in this meeting. The GST Council should now take a decision on this soon as both of these things have been kept at the same tax rate, where "sin and luxury" items are kept and against the basic format of GST.
6. Government will provide free billing and accounting software to dealers: -
This will be a public utility and the usefulness of this decision will depend on when and when it will be the quality of this software. If the government is able to deliver a good quality software dealer then it will be a very good facility for dealers.
There was no discussion in the meeting about the return of late fees for the dealers who filled the late fees, which it seems that the government is not taking a fair demand of these dealers seriously.
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