Major relief to MSME announced!
GST Turnover Limit extended Effective from 1st of April, 2019 The GST Council in its 32nd Meeting held under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others: 1: 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, within one week, about the Composition Limit in their respective States. 1.1: Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration). 2: Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from Regist...