Composition scheme limit has been increased to 1.5 crores

As a relief measure to lakh of small business, the GST council has decided to increase the limit of composition scheme from the existing 1 crore to 1.5 Crore.

This benefit has been provided in amid of confusion between lots of small business who were facing a lot of problem in complying with the GST and hence the government has decided to raise the limit of composition scheme.

Other major changes proposed by the GST council in their 23rd council meeting:

• GST Rates slashed: GST rates for over 177 items have been slashed from 28% to 18%.
   

• GSTR 2 and GSTR 3 suspended: The filing of GSTR 2 and GSTR 3 has been suspended for the time being till March 31 and the committee will decide the due dates in the mean time.
   

• Late filing fees slashed: If any taxpayers forgets to file the GST return, then he shall pay a penalty of Rs.20 per day (in case of nil filing) and Rs.50 in case of tax filing.
   

• Due date of trans 1 extended: The due date of trans 1 has been further extended to 31 December, 2017 and due date for filing of GSTR -4 for the quarter July – September, 2017 has been extended to December, 24 2017.

Conclusion

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