9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 19-1-2017
Dear Professional Colleague,
9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017
In an attempt to try and bridge differences on the contentious issues such as administrative control over taxpayers under the Goods and Services Tax (“GST”), the all-powerful GST Council headed by the Hon'ble Finance Minister, Mr. Arun Jaitley met for the ninth time in a row to clear all gathered clouds over the GST and brightening its prospects of implementation soon.
With the conclusion of the 9th GST Council meet on January 16, 20
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
assess and administer 90% of the tax payers with less than ₹ 1.5 crore annual turnover while the remaining would be controlled by the Centre.
* For tax payers with more than ₹ 1.5 crore annual turnover, the States and the Centre will control and administer them in a 50:50 ratio.
However, intelligence based enforcement power will be with both the Centre and States.
Further, the Hon'ble Finance Minister said that each assessee would be assessed only by one authority. He also said that "You won't have to jump from authority to authority, that's the advantage of GST ……… Once you evolve numerically a lot more will come from state to the centre, because the percentage is 50:50 in higher category and 90:10 in lo
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
, the States will also be cross empowered:
The Centre, while iterating that the power to levy and collect the Integrated Goods and Services Tax (“IGST”) will be vested with it solely, agreed to make a special provision in law by which the States will also be cross empowered.
* Contentious issues between the conflicting States to be taken up by the Centre
The Hon'ble Finance Minister said that in exercise of IGST, where there are contentious issues between conflicting States with regard to place of supply etc., then those assessment would take place by the Centre.
As the discussions made in the 9th GST Council meet would have an impact on the IGST Law, Compensation Law and correspondingly, on the Central Goods and Services Tax/State Goo
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =