“Composition Scheme for shall be made available for Suppliers of Services also”

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“Composition Scheme for shall be made available for Suppliers of Services also”

 

Major decisions on services provider taken by the gst Council in its 32nd Metting held today , Shri Arun Jaitley

 

HIGHLIGHTS

. Service providers and suppliers of goods and services up to tumover of Rs 50 lakh would be eligible to opt for the GST composition scheme and pay a tax of 6%

. Businesses under the scheme will now pay tax on a quarterly basis but the returns will be filed annually . Jaitley added . the GST council is headed by the finace minister  .

. 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.

. 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 .

. They would be liable to file one Annual Return with Quarterly Payment of Taxes ( along with a simple Declartion

. The decisions shall be made operation from the 1st of April, 2019

 

 

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