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. – Goods and Services Tax – 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 a
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es including floor rates with bands of GST. Since notification of the GST Council on 12 September 2016, six meetings of the Council have been held in New Delhi. These meetings were held on 22-23 September, 2016; 30 September, 2016; 18-19 October, 2016; 3-4 November, 2016; 2-3December, 2016 and 11 December, 2016. During these meetings, number of important decisions have been taken paving way for roll out of GST with effect from 1st April 2017. Some of the important decisions taken in the last six Meetings 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 av
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decision to continue with any incentive scheme shall be with the concerned State or Central Government. In case any State Government or Central Government decides to continue any existing exemption/incentive scheme, it will be administered by way of a reimbursement mechanism. vi. Bands of rates of goods under GST shall be 5%, 12%, 18% and 28% and in addition there would be a category of exempt goods. Further, a cess would be levied on certain goods such as luxury cars, aerated drinks, pan masala and tobacco products, over and above the rate of 28% for payment of compensation to the States. The GST Council in its 1st meeting decided that GST would be rolled-out by 1 April 2017. Accordingly, various timelines had been decided for various aspe
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