Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 23-11-2016 Last Replied Date:- 24-11-2016 – GST may suffer at the cost of recent demonetization of high vale currency announced by the Government which came just before the scheduled winter session of Parliament from 16th November, 2016. To oppose demonetization, almost entire opposition has united to corner and question the Government. We have already witnessed loss of first week in the four week current session. The trailer came yesterday with the informal meeting of all Finance Ministers of states and union ending in just two hours on Sunday without any result or positive conclusion. Not only this, the two day meeting of the GST Council scheduled for 24-25 November, 2016
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e are two options being discussed now. The GST Council was earlier discussing five proposals for deciding on jurisdiction, but in the last meeting on November 4, arrived at two options – horizontal division and vertical division. 'Horizontal Division' would mean taxpayers would be divided both for administrative and audit purposes based on a cut off turnover. Those with a turnover over ₹ 1.5 crore would be administered both by the Centre and states, while those with below ₹ 1.5 crore would be administered solely by the State. 'Vertical Division', based on ratios, assigns taxpayers to a tax administration, Centre or State, for a period of three years for all purposes, including audit. It is learnt that the Centre
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