GST threshold fixed at ₹ 20 lakh in GST council s meet, rate to be decided in October – Goods and Services Tax – GST – Dated:- 24-9-2016 – GST threshold fixed at ₹ 20 lakh in GST council's meet, rate to be decided in October Read more at: http://economictimes.indiatimes.com/articleshow/54480851.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst New Delhi, Sep 23 (PTI) In a big step forward on GST implementation, the Centre and states today reached an agreement on keeping traders with annual revenue of up to ₹ 20 lakh out of the new national sales tax regime that will subsume all cesses. While the two sides, at the meeting of the GST Council, agreed on the contentious issues of revenue threshold
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e government and not both. Broad principles for compensating states for any loss of revenue when the new regime is rolled out from April 1, 2017 were also discussed at the two day meeting of the panel that is headed by Union Finance Minister and includes representatives of all states. On service tax, it was decided that in absence of expertise with states, the Centre will continue to exercise control over all the 11 lakh service tax registered dealers irrespective of their revenue levels, he said. Jaitley said the next meeting on September 30 will finalise the draft rules regarding implementation of exemptions. While 2015-16 will be the base year for calculating revenue compensating to states for any loss of revenue arising from rollout of
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