India Introduced GST Changes On April 1
by Mary Swire, Tax-News.com, Hong Kong
05 April 2019
A number of goods and services tax regime amendments, intended to simplify compliance for traders, became effective in India from April 1, 2019.
The three measures were approved by the GST Council at its 32nd meeting in January 2019.
The first measure is the introduction of higher exemption threshold limits for supplier of goods. There are now two threshold limits for exemption from registration and payment of GST for the suppliers of goods, of INR4m (USD57,530) and INR2m. States have an option to decide which limit to adopt. The threshold for registration for service providers continues to be INR2m, and in the case of special category states INR1m.
Further, a composition scheme has been newly made available for suppliers of services (or mixed suppliers) with a tax rate of six percent (three percent CGST plus three percent SGST) having an annual turnover in the preceding financial year of up to INR5m.
Finally, the limit of annual turnover in the preceding financial year for access to the composition scheme for goods has been increased to INR15m. Special category states may decide about the composition limit in their state.
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