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32nd meeting of GST Council accorded massive relief for MSME sector.

GST COUNCIL

The GST council in its 32nd meeting as on 10-01-2019 headed by Mr. Arun Jaitleyji, accorded massive relief for MSME sector. GST Threshold LimitIn 32nd GST council meeting to help SMEs the Threshold limit increased to 40 Lakhs, effective April 1, the GST exemption threshold...

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Composition Levy Scheme and Small GST Taxpayers

An Important notification issued by Govt. notification no. 1/2018, it is related with Composition Levy Scheme. This notification came on January 1st, 2018, by virtue of this notification the tax liability for manufacturer under the composition levy scheme, reduced from 2% to 1%, i.e.,1/2% each...

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Snippet of 23rd meeting of GST Council at Guwahati

GST Council

  Great relief to taxpayer given by GSTC in 23rd meeting of GST Council held at Guwahati, Assam on 10th November 2017. Relaxation given in filing of GSTR by extending due dates as well reduced late fee amount, also out of 227 items in 28% GST...

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Unregistered Taxpayer and Composition Scheme : GST

Unregistered Taxpayer and Composition Scheme – GST : Section 10 of the CGST Act 2017 provides option to any registered taxable person having turnover up to Rs 75 lacs per annum to pay tax at lower rates subject to the condition that he should not...

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GST Invoice Rules modified by Notification

GST Invoice Rules modified by Notification : As decided in 22nd meeting of GST council in New Delhi that GST Invoice Rules are being modified to give relief to certain classes of registered persons is published vide Notification no. 45/2017 dt; 13th October, 2017. Central...

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Revision in Composition Scheme by GST Council

Revision in Composition Scheme has been recommended by GST council in 22nd meeting held at New Delhi under the chairmanship of Mr. Arun Jaitley. Small and medium business houses are confused, annoying due to complexity of GST compliance and they need some help from Government. Some...

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Suggestions : Some mistakes in GST by traders

GST_MISTAKE

After roll out of GST from 1st July,2017, business & traders communities are very confused about GST related matters that how to generate Bill of Supply, what to do if advance payment received,  tax rate, HSN/SAC code, GST or CGST or SGST or IGST  etc....

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Snippet of GST council meeting held on 11th June 2017

GST_02_140517

Outcome of 16th GST council meeting held on 11th June 2017. Addressing to Press after the 16th GST Council meeting held on 11th Jun 2017, Mr. FM – Arun Jaitley announced that after getting various recommendation and suggestions from business houses and associations the rates...

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Composition scheme under the GST Law

The purpose of composition scheme is to ensure minimum compliance is put on small business entities. The various features of composition scheme as contained in section 10 and draft rules are as follows Eligibility: A registered person, whose aggregate turnover in the preceding financial year...

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GST – Composition Scheme : Summary

Meaning-Small taxpayers with an aggregate turnover in a financial year up to [Rs. 50 lakhs] shall be eligible for composition levy. The scheme is, however, optional for the taxpayer. Tax payer needs to present ‘Bill of supply’ instead ‘Tax invoice’ to the tax authorities. Also,...

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