The relaxations and aids for the taxpayers that are decided in the 32nd Meeting of GST Council are:
1. Increase in turnover limit to Rs. 1.5 crore for availing composition scheme. Special Category states to decide the composition turnover limit within 1 week.
2. Simplification of compliance for taxpayers under composition with one annual return to file but payment of taxes would remain quarterly with a simple declaration.
3. States will decide within 1 week to opt out of the two threshold limit for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakhs and Rs 20 lakhs. The threshold for registration for service providers would continue to be Rs 20 lakhs and in case of Special category States Rs 10 lakhs.
4. A composition scheme for supplier of services or mixed suppliers (both goods and services) with a tax rate of 6% having an annual turnover in preceding financial year upto Rs 50 lakhs. Under this scheme, only 1 annual return needs to be filed with quarterly payment of taxes.
5. The effective date of the changes declared will be from 1st April’2019.
6. Free Accounting and Billing software to be provided by GSTN for small taxpayers.
7. Cess can be levied on Intra State Supply of goods and services within the state of kerala at a rate of 1% for a period not exceeding 2 years.
8. Matters referred to group of minsters to examine are:
1. The proposal of giving a composition scheme to boost the residential segment of the real estate sector
2. The GST rate structure on lotteries
