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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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grated Goods and Services Tax and the principles that govern the place of supply; the threshold limit of turnover below which goods and services may be exempted from goods and services tax; the rates including floor rates with bands of goods and services tax; any special rate or rates for a specified period, to raise additional resources during any natural calamity or disaster; special provision with respect to the States of Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur; Meghalaya, Mizora .....

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rred by this article, the Goods and Services Tax Council shall be guided by the need for a harmonised structure of goods and services tax and for the development of a harmonised national market for goods and services. The Goods and Services Tax Council shall establish a mechanism to adjudicate any dispute - between the Government of India and one or more States; or between the Government of India and any State or States on one side and one or more other States on the other side; or between two o .....

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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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September, 2016 was to consider and approve the draft rules released for GST in relation to registration, payment, return, refund etc. Though the draft rules were put in public domain only on 27th September leaving few hours for public to give feedback, the GSTC approved the said rules in just one sitting. The decisions, inter alia, are supposed to include the following - To continue with area based exemptions and incentives of excise duly available to north east states and hill states but to b .....

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de on the specific industrial exemptions which they may like to continue to provide to business entities / goods / services. The details are yet to be worked out. Reimbursement of taxes by the Union shall be examined as about 40-48 percent of the taxes from central pool goes back to states as per devolution formula. Centre wants states to give the refund. Control of Service Tax assessees, though decided in first meeting, shall be re-examined as some states have raised concerns over Centre's .....

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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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e no cesses under the GST regime but for that, a decision has to be taken as cesses do not get automatically subsumed. It is understood that GSTC has agreed to subsume cesses into the GST. Compensation to States Compensation to States is a complex issue as some of the states have demanded that compensation for revenue loss from GST rollout should be paid on a regular basis on quarterly or bimonthly rests but that may be tough for the centre. The centre is considering the options to project reven .....

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