Report Card on GST Implementation; Government of India lost no time in implementing the GST so far; Discussions in GST Council have been very cordial and all decisions till now have been taken by consensus; Members of the Council are participating in the meetings with a very positive attitude and are working towards the roll-out of GST as per the deadline.
GST
Dated:- 14-12-2016
Press Information Bureau
Government of India
Ministry of Finance
14-December-2016 18:21 IST
As compared to the time taken in arriving at a consensus on the Constitutional Amendment Bill for GST, the subsequent events after the passing of the Bill indicate that the Government of India and the States have done remarkably well in taking all necessary steps for implementation of GST. The Report Card below indicates that Government of India lost no time in implementing the GST so far:
As soon as the President's assent was received on the Constitutional Amendment Act for GST on 8th September, 2016
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of the GST Council are:
i. The threshold limit for exemption from levy of GST would be ₹ 20 lakhs for normal States (Rs.10 lakhs for the Special Category States enumerated in Article 279A of the Constitution).
ii. The threshold for availing the Composition scheme would be ₹ 50 lakhs. Service providers would be kept out of the Composition scheme.
iii. To compensate States for 5 years for loss of revenue due to implementation of GST, the base year for the revenue of the State would be 2015-16 and a fixed growth rate of 14% will be applied to it.
iv. Approval of the Draft GST Rules on Registration; Payment; Return; Refund and Invoice, Debit & Credit Notes with the understanding that minor changes may be permitted with the approval of the Chairperson, if required, due to suggestions from the stakeholders or from the Law Department.
v. All entities exempted from payment of indirect tax under any existing tax incentive scheme would pay tax in the GST regime and the decis
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e back-end IT systems; testing and integration of GST front-end and back-end IT systems of all stakeholders; training of both Central and State tax officials; sensitization of the trade, industry and consumers. All efforts are being made to meet the necessary deadlines to ensure that GST is rolled out by 1 April 2017.
At present, agenda items pertaining to 'GST related draft laws' and 'Provisions for cross empowerment to ensure single interface under GST' are under consideration of the GST Council. 99 Sections the Model GST Law have already been considered by the Council and remaining Sections will be discussed in the next meeting of the Council scheduled for 22-23 December, 2016.
The discussions in GST Council have been very cordial and all decisions till now have been taken by consensus. Members of the Council are participating in the meetings with a very positive attitude and are working towards the roll-out of GST as per the deadline.
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