Brief of Update:
This update pertains to pertains to release of press release as a consequence of 22nd GST Council Meeting at New Delhi.
The highlights of 22nd GST Council meet are as under:
Composition Scheme:
- Threshold for availing composition scheme has been increased to 1 Crore from existing 75 lakhs. Hence, all dealers whose aggregate turnover in the preceding year is less than 1 crore, can opt for composition till 1 Crore of turnover for the period ended 03.2018. The scheme shall be available to new and migrated assesses.
- Any person who is engaged in provision of exempted services was earlier made ineligible for opting for composition However, the Council has decided to allow such per- sons to opt for composition even they are providing exempt services. Please note all other conditions regarding eligibility for composition has to be satisfied.