32nd GST Council Meeting: Big boost for Small Businesses and Enterprises

32nd GST Council Meeting chaired by Finance Minister Arun Jaitley was held at New Delhi on 10th December 2019. Government has decided to increase threshold limit for GST registration for suppliers of goods, Rs.20 lakhs and Rs.40 lakhs.

Each of the individual State Governments must decide on the threshold limit within a week. For the special category States, the limit for registration is currently at Rs 10 lakhs. Unchanged threshold limit for supply of service to GST registration.

The GST council also raised the turnover limit under composition scheme from current Rs 1 crore to Rs 1.5 crore. Special category States would decide within a week. Tax to be paid Quarterly and GST Returns to be filed annually. Finance Minister shall be constituted to examine the proposal of giving composition scheme to boost the residential segment of the Real Estate Sector.

GST Council Approved Levy Cess on Intra-State Supply of Goods and Service within the State of Kerala at rate not exceeding 1% for a period not exceeding 2 year. The effective changes to Composition scheme for both suppliers of goods and services will apply from 1st April 2019.
Government also announced that free of cost accounting and billing software shall be provided to small taxpayers.