Second day of GST council meeting was fruitful for faster roll out. Some decisions on major issues were taken. Council has agreed to keep the single interaction point for taxpayer.
-All existing taxpayers registered under service tax will be assessed by the center whereas new registration will be controlled by state after due training.
-Interaction window for taxpayer will be one in spite of dual control at back end.
-Assessees with a turnover of less than Rs.1.5 crore will be assessed by state tax authorities and those above that will be assessed by cross empowered model.
-Center will compensate states for any loss due to GST for 5 years.