HIGHLIGHTS RESULTS OF THE GST COUNCIL MEETING HELD :
- The threshold Annual Exemption Limit fixed at ₹ 20 Lac.
- The threshold limit for the north-eastern and hill states paged at ₹ 10 Lac.
- GST rates and tax slabs would be decided at three-day’s meeting during 17-19 Oct, 2016.
- GST rollout slated for 1st April, 2017.
- All cesses will be subsumed in the GST
- GST Council’s next meeting on 30th Sep, 2016 to finalise draft GST law / rules.
- The state authorities will have jurisdiction over assessees with annual turnover of less than ₹ 1.5 crore.
- 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.
- The existing 11 Lac service tax assessees would continued to be assessed by the Centre.
- New assessees which would be added to the list would be divided between the Centre and the States.
- Council is working on a compensation law and draft compensation formula.
- 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.
- All decisions today by the GST Council were taken on the basis of consensus.
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