Major Decisions by the 32nd GST Council Meeting held on 10th January 2019

The GST Council in its 32nd Meeting held today 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 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 within a weeks’ time. The Threshold for Registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.
3.   Composition   Scheme for Services: 
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 the preceding Financial Year up to Rs 50 lakhs.
3.1  The said Scheme Shall be applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods.
3.2  They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration).
4.     Effective date:
The decisions at Sl. No. 1 to 3 above shall be made operational from the 1st of April, 2019.
5.    Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN.
6.   Matters referred to Group of Ministers:
i.   A seven Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of the Real Estate Sector.
ii.    A Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries.
7.  Revenue Mobilization for Natural Calamities: 
GST Council approved Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.

#ICAI ELECTION COUNTING-WIRC

 

POSTAL BALLOTS VERIFICATION:

274 Received

47 Invalid

- 13 No Signature on Reverse side of cover
- 6 Envelopes received in private courier
- 6 received from ordinary post by affixing stamps
- 2 signatures not tally
- 10 post from city other than location

- 8 Declaration was unsigned
- 2 voters out of India – post from India

226 Postal Ballot

OK : 222 CCM and 223 RCM

HAPPY DIWALI AND PROSPEROUS NEW YEAR

NEWDIWALI

It is Diwali and while we all light lamps in our homes today, do spend some time today to light a few lamps inside u and sit in silence with your eyes closed…

Light the first lamp inside u and let it burn your anger and / or jealousy that u may have for any one till date; see it melt away…

Light the second lamp and let it burn away unwanted greed and desires… feel happy and contented with what you have been blessed with.

Light the third lamp and let it fade away all insecurities that you may have in your mind related to anything or financials; just believe that God has given u life and he will surely give you enough to survive.

Light the 4th lamp and carry that lamp to each part of ur body; let it burn away all your diseased cells or any disease in making. Feel healthy as this lamp travels to each body part and illuminates each organ.

The 5th lamp is a miniature of the Sun… nothing but the divine light… light it in the center of your body and let it fill the warmth and love inside your whole body…feel one with the Divine… let the love and warmth filled inside you ooze out of you through your smile…eyes..speech…and body….carry this love with you through out the day…u will find that everyone who meets you is happy and elated. This is the biggest blessing that whoever meets you becomes happier after meeting you… this will also make you happier in return.

Light these 5 lamps each day morning and carry the positivity wherever u go…

Wish you a very happy Diwali….AND
PROSPEROUS, JOYOUS AND ACHIEVEMENT FILLED NEW YEAR

HAPPY NAVRATRI

NAVDURGA

Navratri greetings
Someone sent an interesting Navratri greeting that struck a chord. It says…..

“Every woman who awakens COURAGE within herself is DURGA..

Every woman who awakens TRANSFORMATION within herself is KALI..

Every woman who awakens DEVOTION within herself is PARVATI..

Every woman who awakens NURTURING within herself is ANNAPURNA..

And every woman who awakens the SHIVA within herself is the SHAKTI…”