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Latest amendments in GST enacted on 07.03.2019

    

Recommendations of the 33rd GST Council meeting held on 24.02.2019

    

GSTR-3B due date for January 2019 has been extended upto 22.02.2019

    

New GST Input-Output Set off Rules w.e.f. 01.02.2019

    

Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT)

    

Delhi High Court stays demand in the case of Hindustan Unilever (HUL) for Profiteering imposed by NAA

    

Major decisions taken in 32nd GST Council Meeting

    

Bank account details are not required for GST Registration now

    

Standard Operating Procedure on TDS updated as on 27.12.2018 issued by CBIC

    

Guidelines and procedure of applications for financial assistance under the Central Scheme named Seva Bhoj Yojna for reimbursement of central tax and Central Government share of integrated tax paid on the purchase of raw food items.

    

31st GST Council Meeting held on 22 December 2018 - Rate changes and clarification in Goods

    

31st GST Council Meeting held on 22 December 2018 - GST rate on services

    

31st GST Council Meeting held on 22 December 2018 - Certain important issues referred by GST Council to various Committees / GoM

    

31st GST Council Meeting held on 22 December 2018 - In-Principle approval given for Law Amendments

    

31st GST Council Meeting held on 22 December 2018 - Formation of Group of Minister as Recommended by the GST Council

    

31st GST Council Meeting held on 22 December 2018 - Recommendations in Return Filing and Procedural Changes

    

31st GST Council Meeting held on 22 December 2018 - Recommendations in GST Rate Changes

    

Directorate General of GST Intelligence arrested the promoters of two Mumbai-based textile firms

    

Prime Minister promises relief in GST on many products from 28% to 18%

    

Development of new return filing system and sharing of data by GSTN with tax authorities

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Press Release No. 91 dated 07-03-2019 - Central Tax

Implementation of various decisions taken by the GST Council for the MSME sector.

Press Release 7 th March, 2019 Implementation of various decisions taken by the GST Council for the MSME sector The GST Council in its 32nd meeting held on 10th January, 2019, inter-alia, had taken following decisions to be effective from 01.04.19:  Higher exemption threshold limit for supplier of goods: There would be two threshold limits for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits. The threshold for registration for service providers would continue to be Rs 20 lakhs and in case of Special category States Rs 10 lakhs.  Composition scheme for services and mixed suppliers: 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 upto Rs 50 lakhs.  Increase in turnover limit for the existing composition scheme: The limit of annual turnover in the preceding financial year for availing composition scheme for goods shall be increased to Rs 1.5 crore. Special category States would decide about the composition limit in their respective States. 2. The following notifications have been issued to implement the above decisions:  Notification No. 10/2019 – Central Tax, dated the 7th of March, 2019 for higher exemption threshold limit for supplier of goods;  Notification No. 02/2019 – Central Tax (Rate), dated the 7th of March, 2019 for Composition scheme for services and mixed suppliers, which would be optional to the taxpayers;  Notification No. 14/2019 – Central Tax, dated the 7th of March, 2019 for increase in turnover limit in case of existing composition scheme. 3. These notifications shall come into effect from the 1st of April, 2019. *******

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Posted By:

CA Mohit Jain