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RECOMMENDATIONS BY GST COUNCIL

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 12-10-2016 Last Replied Date:- 18-10-2016 - Recommendations to be made by Council As per Article 279A (4), the Council will make recommendations to the Union and the States on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws, principles that govern Place of Supply, threshold limits, GST rates including the floor rates with bands, special rates for raising addit .....

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m, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand; and any other matter relating to the goods and services tax, as the Council may decide. Apart from aforementioned recommendations, GST Council shall undertake the following- The Goods and Services Tax Council shall recommend the date on which the goods and services tax be levied on petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel. While discharging the functions confe .....

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as limit wherein tax payers will pay 1-2 percent tax. Threshold exemption limit fixed at ₹ 20 lakh in general and ₹ 10 lakh for north east states / hill states. Broad consensus on dual control of assessees- Taxpayers with annual turnover upto ₹ 1.5 crores shall be assessed by states and assessees with annual turnover exceeding ₹ 1.5 crore to be assessed by both centre and states (cross empowerment model). Existing Service Tax assessees (about 11 lakh) to remain with Cent .....

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e provided by way of refund and not by way of exemptions, as presently done. Presently, centre allows such exemption to eleven states. There will be levy of tax on all exempted entities under GST and the Centre or the State, as the case may be, that gets the tax shall have to reimburse such tax collected to the exempted entity. However, it is not clear as to whether such refund shall be automatic through GSTN or entity will have to claim refund. States ought to agree to this. States have to deci .....

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20 October, 2016) The GSTC decided to hold its third meeting on 18-20 October, 2016 wherein following issues may be considered - Calculation of annual incremental tax revenue to decide projection for compensation for likely possible loss of revenue to the states in GST regime. Dual control over assessees Control over Service Tax assessees Rates of GST Exemptions and negative list It is expected that GST Council may finally decide on the above issues in its three days meeting in October, 2016. Tr .....

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ue growth based on a fixed rate or best of three growth rates out of last five years or excluding two outlier year and average taken. - Reply By Ganeshan Kalyani - The Reply = Regarding dual control of assessees- Taxpayers with annual turnover upto ₹ 1.5 crores shall be assessed by states and assessees with annual turnover exceeding ₹ 1.5 crore to be assessed by both centre and states (cross empowerment model). It seems that the assessee will be subject to assessment by both the auth .....

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