Goods and Services Tax – GST – Dated:- 16-1-2017 – New Delhi, (PTI) Finance Minister Arun Jaitley will today look to break the deadlock over distribution of powers between centre and states to administer GST, an issue that is holding up launch of the new national sales tax from April. The all-powerful GST Council, headed by Jaitley, will meet for the ninth time today with the issue of who gets to administer the Goods and Services Tax (GST) being the single biggest issue on agenda. The council has been deadlocked in the last four meetings, the last one being on January 4, with states seeking sole powers to control assessee with annual turnover of up to ₹ 1.5 crore. Centre, however, is not in favour of a horizontal split as it feels st
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ut may figure in today's meeting, sources said. The council had in previous meeting agreed on most of the clauses of the draft IGST law, which along with Central-GST (CGST) and State-GST (SGST) have to be passed by the Parliament and state legislatives respectively before the new tax regime can be rolled out. Interated-GST or IGST deals with levy on inter-state supply (including stock transfers) of goods or services. GST will subsume a host of indirect taxes levied by the centre and the states, including excise duty, value-added tax, service tax, entry tax, luxury tax and entertainment tax. The Parliament passed the landmark constitutional amendment in August last year and more than half of state legislatures ratified it by mid-Septembe
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