Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 27-9-2016 Last Replied Date:- 3-10-2016 – Consequent upon Constitution of GST Council (GSTC) in terms of article 279A of Constitution of India and Section 12 of 101st Constitutional Amendment Act, 2016 coming into force w.e.f. 12.09.2016, the first meeting of newly constituted GSTC was held on 22-23 September, 2016 under the Chairmanship of Union Finance Minister. The GSTC has acted proactively and fast on taking forward the initiatives to introduce GST in country as early as on 1st April 2017. As it is, it appears that things are in place and major decisions concerning GST may be taken as anticipated to ensure that GST see the light of the day on 1st April 2017, barring unf
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1.1 million service taxpayers) and new GST assessees with annual turnover up to ₹ 1.5 crore will be shared with state authorities after due training . Agreement to subsume all cesses into the new tax. Adopted a cross-empowerment model for tax administration under which tax administrators will use a formula to decide which assessee they will audit or register. The taxpayer will then have to interact with one authority only- either Central or State to avoid dual control. GSTC to work on a compensation law and compensation formula; Base year of compensation to states to be 2015-16. Only five per cent of the cases would be audited under the GST regime. The compounding tax threshold for traders has been set at ₹ 50 lakh. Those with a
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