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.
