Have On Deal

Outcome of 32nd GST Council Meeting held on 10th Jan 2019 -FM Arun Jaitley press meet 1. Threshold limit increased to 40 Lakhs Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh. Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by FM 2. Power to states Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said. 3. Composition limit increased to 1.5Cr from the present 1 cr  The existing Composition Scheme turnover threshold raised to Rs 1.5 crore. Those who use the scheme from April 1,2019 4 Quarterly payment and Annual Return Now Composition tax payers will pay tax quarterly, but file returns annually. 5 Composition scheme for services Those providing services or mixed supplies (goods and services) with a turnover u...

Buying a property? Know the GST rates first Real estate sector invited GST at the rate of 12 per cent with full input tax credit. HIGHLIGHTS * The real estate sector was bought under the GST purview as it was burdened by various indirect taxes. * However, ever since its implementation, there has been a lot of confusion regarding rates and benefits It is important to understand various Good and Services Tax (GST) rates if you are planning to buy a property. Read on to know how it affects you. In a bid to reduce tax evasion, make laws easier and remove unnecessary hurdles, the government rolled out Good and Services Tax (GST) in July last year. The real estate sector was also bought under its purview as it was burdened by various indirect taxes such as VAT, Service Tax, excise, stamp duty and registration fees. However, ever since its implementation, there has been a lot of confusion regarding rates and benefits. Let’s take a detailed look at the GST ...