GST Council meeting inconclusive, state FM\u2019s to meet on Nov 20 to sort out issues
GST
Dated:- 4-11-2016
Statement of the Union Finance Minister after the conclusion of second day of the GST council meeting as on 4-11-2016
\nThere will be an informal meeting of the ministers on November 20, primarily aimed at hammering out political consensus. The GST Council, headed by Jaitley, will meet on November 24-25 after the informal meeting. “We will try and thrash out a solution on November 20. This has to be a well thought-out solution,” Jaitley said. There was a view that assessees should be divided horizontally with ₹ 1.5 crore be the cut-off base. Under this model, states were to assess businesses with an annual turnover &#<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tes and the Centre will get 9 percent each called the CGST and SGST rates. The Centre will also levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of goods and services. The IGST mechanism has been designed to ensure seamless flow of input tax credit from one state to another. “Officers will finalize the drafts by the November 15 this month. States will be given one week's time to suggest any changes,” Jaitley said. On Thursday, the Council agreed on a four-slab structure -5, 12, 18 and 28 percent-along with a cess on luxury and `sin' goods such as tobacco. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST Council meeting inconclusive, state FM\u2019s to meet on Nov 20 to sort out issues GSTDated:- 4-11-2016Statement of the Union Finance Minister after the conclusion of second day of the GST council meeting as on 4-11-2016 There will be an informal meeting of the ministers on November 20, primarily aimed at hammering out political consensus. … Continue reading “GST Council meeting inconclusive, state FM\u2019s to meet on Nov 20 to sort out issues”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1717","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1717"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1717\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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