J&K to enhance ‘threshold, composition limit’ under GST

GST council meeting was held under the chairmanship of union finance minister, Arun Jaitley, and the state was represented by governor’s advisor Kewal Kumar Sharma, who also holds the charge of the finance department.

GKNN
New Delhi, Publish Date: Jan 11 2019 12:35AM | Updated Date: Jan 11 2019 12:35AM
J&K to enhance ‘threshold, composition limit’ under GSTRepresentational pic

The governor’s administration in Jammu and Kashmir said it has decided to enhance “threshold and composition limit” under the Goods and Services Tax as proposed by the GST council in its 32nd meeting here on Thursday.

An official spokesman said the GST council meeting was held under the chairmanship of union finance minister, Arun Jaitley, and the state was represented by governor’s advisor Kewal Kumar Sharma, who also holds the charge of the finance department.

“On the recommendation of a group of ministers constituted for this purpose, the major decisions taken in meeting were related to enhancement of threshold limit for seeking registration and raising the limit for composition scheme under the GST law,” the spokesman said, adding: “For the benefit of small and marginal businesses, the government of Jammu and Kashmir decided to opt the threshold for registration in respect of goods to Rs 40 lakh despite being a special category state”.

The governor’s administration also opted to raise the limit of composition to Rs 1.5 crore from current limit of Rs 1.00 crore to benefit small traders and manufacturers who will now pay quarterly tax and have to file annual return only thereby reducing their compliance burden, the statement read.

“These decisions are to be implemented by the government from April 2019,” it read.

“Kewal Kumar Sharma, while taking part in the discussion during the meeting, stated that these measures will ease the compliance burden on the dealers, simultaneously relieving the small and marginal dealers from seeking registration under GST law. The advisor also supported the proposal for composition scheme to small service providers having an annual turnover of Rs 50 lakh to provide relief to small businesses in this sector,” the spokesman said, adding: “The GST council also decided to introduce a free billing and accounting software for small businesses having an annual turnover of Rs 1.5 crore. The advisor supported the proposal and the initiative taken by the Goods and Services Tax Council which will provide assistance and necessary support to the small and marginal traders/manufacturers in the field of accounting for better and easy compliance under the GST law”.

Principal secretary finance, J&K, Navin K Choudhary and commissioner state taxes, P K Bhat, were also present in the meeting. 

 

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