HIGHLIGHTS RESULTS OF THE GST COUNCIL MEETING HELD :

HIGHLIGHTS RESULTS OF THE GST COUNCIL MEETING HELD :

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  1. The threshold Annual Exemption Limit fixed at ₹ 20 Lac.
  2. The threshold limit for the north-eastern and hill states paged at ₹ 10 Lac.
  3. GST rates and tax slabs would be decided at three-day’s meeting during 17-19 Oct, 2016.
  4. GST rollout slated for 1st April, 2017.
  5. All cesses will be subsumed in the GST
  6. GST Council’s next meeting on 30th Sep, 2016 to finalise draft GST law / rules.
  7. The state authorities will have jurisdiction over assessees with annual turnover of less than ₹ 1.5 crore.
  8. Those with turnover of over Rs 1.5 Crores would be cross examination either by officers from the Centre or state to avoid dual control.
  9. The existing 11 Lac service tax assessees would continued to be assessed by the Centre.
  10. New assessees which would be added to the list would be divided between the Centre and the States.
  11. Council is working on a compensation law and draft compensation formula.
  12. The base year for calculating compensation would be 2015-16 and the formula for payment of compensation would be deliberated b/w the state and Central authorities.
  13. All decisions today by the GST Council were taken on the basis of consensus.

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