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GST COUNCIL IN ACTION

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 27-9-2016 Last Replied Date:- 3-10-2016 - Consequent upon Constitution of GST Council (GSTC) in terms of article 279A of Constitution of India and Section 12 of 101st Constitutional Amendment Act, 2016 coming into force w.e.f. 12.09.2016, the first meeting of newly constituted GSTC was held on 22-23 September, 2016 under the Chairmanship of Union Finance Minister. The GSTC has acted proactively and fast on taking forward the initi .....

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ing- The GST Council agreed on exemption thresholds: Exemption from GST for annual turnover less than ₹ 20 lakh for rest of India, Exemption from GST for annual turnover less than ₹ 10 lakh for North Eastern and hill states. Dual control over the GST assessees in case of goods: Annual turnover less than ₹ 1.5 crore to be assessed by States, Annual turnover of 1.5 crore or more to be assessed under dual control. Existing Service tax assessees to remain with Centre, (at present 1 .....

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