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NO CONSENSUS ON GST ADMINISTRATION

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 23-11-2016 Last Replied Date:- 24-11-2016 - GST may suffer at the cost of recent demonetization of high vale currency announced by the Government which came just before the scheduled w .....

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yesterday with the informal meeting of all Finance Ministers of states and union ending in just two hours on Sunday without any result or positive conclusion. Not only this, the two day meeting of the GST Council scheduled for 24-25 November, 2016 h .....

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e. Since no consensus could be reached, positive outcome of 25th November meeting is also in limbo. States like West Bengal, Uttar Pradesh, Uttarakhand, Kerala, Karnataka etc. have opposed such move and want sole control over adjudication, audit etc .....

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are two options being discussed now. The GST Council was earlier discussing five proposals for deciding on jurisdiction, but in the last meeting on November 4, arrived at two options - horizontal division and vertical division. 'Horizontal Divis .....

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5 crore would be administered solely by the State. 'Vertical Division', based on ratios, assigns taxpayers to a tax administration, Centre or State, for a period of three years for all purposes, including audit. It is learnt that the Centre i .....

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tes to settle the issue. The Centre and states have already agreed to a four-slab GST of 5%, 12%, 18% and 28%. It has also been agreed that the Centre and the relevant state will split these taxes evenly. What is more important is that this meeting o .....

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