Here we have compiled in brief the outcomes of GST council meeting of today.
- The date for the big day is fixed at 1July. GST will be finally a reality on 1st July 2017. The GST council today rejected the timeline of 1st April for GST rollout.
- The administration of assesses will be as follows
- Assesse with the turnover upto Rs. 1.5Cr will be controlled in the ration of 90:10. Meaning there by 90% of those will be under the control of states and 10C% will be under the control of center
- Business having turnover of more than Rs. 1.5Cr will be taken up in ration of 50:50 by states and center.
- States will also be eligible to charge tax on any economic activity upto 12 nautical miles. But it will be a part of central government territory.
- the power to levy and collect the IGST taxation is with the Centre, “but by a special provision in law, the states will also be cross-empowered in the same ratio of assessment.
- In the exercise of IGST, where there are contentious issues between states, those assessments will necessarily take place by the Centre
- Under GST, the states and the Centre will collect identical rates of taxes on goods and services. For instance, if 18 percent is the GST rate on a good, the states and the Centre will get 9 percent each called the CGST and SGST rates.