After the GST Council's 32nd meeting, Finance Minister Arun Jaitley said that the limit of composition scheme has been increased to 1.5 crore. Those who fall under the Business Composition Scheme have to pay tax on a quarterly basis, but they have to return the returns only once a year. Simultaneously, one percent disaster cess has been approved for Kerala.
GST Council on Thursday doubled the exemption limit of Good and Service tax for small and medium enterprises, which will be applicable from April 1, 2019. Tax exemption limit in GST has been increased from Rs 20 lakh to Rs 40 lakh for businessmen. Companies whose turnover is around 4 million in a year will not have to pay GST. The real estate sector can also get relief within a month.
Union Finance Minister Arun Jaitley told that last month the government was working towards a single national sales tax rate which could be between 12 to 18%." On 1 July 2017, when goods and services were implemented across the country, goods and services were kept in the tax slab from 5 percent to 28 percent.
Jaitley further said, "In the future, a standard rate can be determined instead of two standard rates of 12 and 18 percent. There can be a standard rate between these two." He further said that there should be an honorary rate for zero, five percent in the country and a luxury and fine goods (liquor, drugs, cigarette, etc.).
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