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The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others -

1.   Increase in Turnover Limit for the existing Composition Scheme: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States.

1.1    Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration).

2.    Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from Registration and Payment of GST for the suppliers of Goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits within a weeks’ time. The Threshold for Registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.

3.   Composition   Scheme for Services: A Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a Tax Rate of 6% (3% CGST +3% SGST) having an Annual Turnover in the preceding Financial Year up to Rs 50 lakhs.

3.1  The said Scheme Shall be applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods.

3.2  They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration).

4.     Effective date: The decisions at Sl. No. 1 to 3 above shall be made operational from the 1st of April, 2019.

5.    Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN.

 6.   Matters referred to Group of Ministers:

        i.   A seven Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of the Real Estate Sector.

      ii.    A Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries.

7.  Revenue Mobilization for Natural Calamities: GST Council approved Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.

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Parliament session should be judged on work done and discussions held, not disruptions: PM
November 29, 2021
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Namaskar friends,

This session of Parliament is very important. The country is celebrating the Amrit Mahotsav of freedom. Ordinary citizens from across India are pitching in by organizing several programs and taking steps to fulfill the dreams of the freedom fighters in the public and national interest during the Amrit Mahotsav of freedom. These stories are a good sign for the bright future of India.

Recently, the entire country made a resolution on Constitution Day to fulfill the spirit of the Constitution with a new resolution. In this context, all of us and every citizen of the country would like this session and subsequent sessions of Parliament to hold discussions in the interest of the country and find new ways for the development of the country according to the spirit of the freedom fighters and the Amrit Mahotsav of freedom. This session should be rich in ideas and positive debates should have far-reaching impact. I hope the Parliament should be judged how it functions and its significant contributions rather than who disrupted Parliament forcefully. This cannot be the benchmark. The benchmark would be how many hours the Parliament worked and how much positive work was done. The government is willing to discuss every issue with an open mind. The government is ready to answer every question. And we would like that there should be questions in Parliament and peace should also prevail.

Voices against government policies should be forceful but the dignity of Parliament and the Chair should be upheld. We should maintain the sort of conduct that will inspire younger generations. Since the last session, the country has administered more than 100 crore Covid vaccine doses and we are now moving fast towards the figure of 150 crores. We should be alert to the new variant. I also request all the members of Parliament and to you also to be alert, because everyone’s health is our priority in this hour of crisis.

A scheme to provide food grains free of cost under the Pradhan Mantri Garib Kalyan Yojana is going on so that more than 80 crore citizens of the country do not suffer any more during this Corona period. Now it has been extended till March 2022. The scheme costing about 2.60 lakh crore rupees takes care of the concerns of more than 80 crore countrymen so that the stove of the poor keeps on burning. I hope we take expeditious decisions together in the interest of the country in this session and fulfill the wishes and expectations of the common man. This is my expectation. Thank you very much.