GST Council notifies decisions for the MSME sector, to be effective from April 1
BusinessToday.In March 7, 2019
The Goods and Services Tax (GST) Council has notified the decisions it took for the medium and small scale enterprises (MSMEs) at its 32nd meet in January to be effective from 1st April.
The composition scheme was only applicable to manufacturers and traders earlier but is now applicable to the services sector as well.
The turnover threshold limit for filing the GST returns was doubled to Rs 40 lakh for the major states and and Rs 20 lakh for small states including the northeast states.
The existing composition limit of Rs 1 crore for manufacturers, traders and restaurant service providers has been revised to Rs 1.5 crore from April 1, 2019.
The 3.8 per cent of India's MSMEs located in Kerala will also get flood relief through a cess of up to one per cent on intra-state sale for a maximum of two years.
Finance Minister Arun Jaitley announced the decisions at a press conference after a GST Council Meet on January 10.
(Edited by Manali)