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GST Composition Scheme: Rs 1.5 cr threshhold from 2019-20

IANS  |  New Delhi 

In a further relief to the micro, small and medium (MSME) sector, the threshhold limit for eligibility under the GST Composition Scheme was raised to Rs 1.5 crore, from Rs 1 crore, by the on Thursday and will apply from the 2019-20 fiscal beginning April 1.

"We had raised the Composition Scheme limit to Rs 1.5 crore. The decision will be applicable from April 1, 2019," told reporters here after chairing the 32nd meeting of the

Those opting for the Composition Scheme pay a minimal (GST) of 1 per cent.

In an easing of the compliance burden, the also decided that those opting for the scheme would need to file their returns only once a year, Jaitley said. The tax payment mode, however, would continue to be on a quarterly basis.

This facility will also be also applicable from April 1.

In a third decision, the GST Council also made small service providers, and those providing a mix of goods and services, with a turnover of up to 50 lakhs, eligible for the Composition Scheme.

With Thursday's decision, service and mixed goods and service providers will be entitled to avail the benefit on payment of GST at 6 per cent, Jaitley said.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 16:22 IST
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