GST Council raises composition limits, sets new registration options, creates service composition scheme and forms GoMs for real estate and lottery. The Council ratified Central notifications issued after 22 December 2018, approved notifying most GST Amendment Acts from 1 February 2019 (with specified provisions deferred), and endorsed MSME-related measures: raising goods composition turnover to Rs.1.5 crore, quarterly payment with annual return for composition taxpayers, allowing States to choose Rs.20 lakh or Rs.40 lakh registration thresholds for goods suppliers with safeguards, and a residual service composition scheme at 6% for turnover up to Rs.50 lakh; additional GoMs and officer committees were constituted and IT/administrative measures approved.
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GST Council raises composition limits, sets new registration options, creates service composition scheme and forms GoMs for real estate and lottery.
The Council ratified Central notifications issued after 22 December 2018, approved notifying most GST Amendment Acts from 1 February 2019 (with specified provisions deferred), and endorsed MSME-related measures: raising goods composition turnover to Rs.1.5 crore, quarterly payment with annual return for composition taxpayers, allowing States to choose Rs.20 lakh or Rs.40 lakh registration thresholds for goods suppliers with safeguards, and a residual service composition scheme at 6% for turnover up to Rs.50 lakh; additional GoMs and officer committees were constituted and IT/administrative measures approved.
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