“The GST law mandates filing of annual return in form GSTR -9 and form GSTR-9A. vide order no 3/2018-Central Tax, dated December 31, 2018, the last date for filing the annual return for the financial year 2017-18 has been extended to June 30, 2019,” an official statement said.
As per the decision taken at the 32nd meeting of the GST Council, with effect from April 1, 2019, there would be two threshold limits for exemption from registration and payment of GST for the Suppliers of Goods i.e. ₹40 lakh and ₹20 lakh. States would have an option to decide about one of the limits, the Union finance ministry said in a separate statement.
The limit of annual turnover in the preceding financial year for availing Composition Scheme for Goods has also been increased to ₹1.5 crore, with effect from April 1, 2019. Special Category states would decide about the Composition limit in their respective states, the statement added. (RKS)
Fibre2Fashion News Desk – India