Goods and Services Tax – GST – Dated:- 20-10-2016 – Centre and states yesterday failed to decide the tax rate under the new GST regime even though they converged towards a consensus on levying a cess in addition to the highest rate of tax on luxury and sin goods. There were differences on the issue of dual control with states demanding control over 11 lakh service tax assessees, and Centre proposing to do away states having exclusive control over all dealers up to an annual revenue threshold of ₹ 1.5 crore – an issue which was settled in the first meeting of the GST Council. The proposed cess on luxury and sin goods like tobacco, cigarettes and alcohol would be used to compensate states for any loss of revenue they may suffer from im
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very high tax in order to keep that slab low – that is not appropriate. So the effort will be to fit the taxpayer in the closest GST tax bracket which he is paying now, he said. The GST Council meeting, which was originally scheduled for three days, ended in two days after marathon discussions. The Council converged towards a consensus on source of funding for state compensation, Jaitley said. Revenue Secretary Hasmukh Adhia said the GST Council will decide the tax slab and then the officers committee will decide on which commodity will fit in where. We are very optimistic of finishing the discussion by November 22. We are making good progress. The Finance Minister could have taken a short cut in arriving at decision by voting out issues, b
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