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GST Council meeting today. Live updates

The GST Council, comprising Finance Minister Arun Jaitley and his state counterparts, held its 32nd meeting on Thursday. Some key decisions were taken. From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Taxpayers under this scheme will pay the tax quarterly but the return will be filed once a year. Composition rate for services pegged at 6% while the turnover threshold is set at Rs 50 lakh. GST exemption limit enhanced to Rs 40 lakh and Rs 20 lakh for small states.

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