Goods and Services Tax – GST – Dated:- 24-12-2016 – New Delhi, Dec 23 (PTI) The all-powerful GST Council today made a 'reasonable headway' on supporting legislations for the new indirect tax regime but its rollout from April 1 looked virtually impossible as it postponed discussion on the critical issue of administration and control of tax payers. The panel, which met for the seventh time since the Constitutional Amendment to replace central and state taxes with a Goods and Service Tax was approved in mid-September, tweaked the periodicity of payment of compensation for loss of revenue to states for implementation of GST to bi-monthly instead of previously decided quarterly payment. Also, the Council decided to create the kitty for
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ate assemblies respectively, neared finality with most clauses agreed upon. Finance Minister Arun Jaitley said the law to provide for compensation to the states for loss of revenue was also approved by the GST Council at its two-day meeting which ended today but a final draft with legal language would be approved at the next meeting. I am trying my best, he said, when asked about the April 1 rollout schedule. I am not going to bind myself with anything. Our effort is to do it as quickly as possible and I think we are making a reasonable headway. Three consecutive meetings of the GST Council have not been able to take up the issue of dual control. Some states like West Bengal and Kerala want a minimum turnover criteria be fixed to decide who
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