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GST threshold fixed at Rs 20 lakh, rate to be decided in Oct

At the end of first meeting the Council decided that state authorities will have jurisdiction over assessees with annual turnover of less than Rs 1.5 crore

Moving on fast track to roll out the new indirect regime from April 1, Council on Friday fixed annual limit for exemption at Rs 20 lakh and resolved that all cesses will be subsumed in the GST.

While the next meeting of the Council on September 30 will finalise draft rules on granting exemptions, the rate and slabs would be decided at its three-day meeting beginning October 17.

At the end of the first meeting, the Council headed by Finance Minister decided that the state authorities will have jurisdiction over with annual of less than Rs 1.5 crore.

Those with of over Rs 1.5 crore, Jaitley said there would be cross examination either by officers from the Centre or state to avoid dual control.

However, the power for assessment of 11 lakh service who are currently assessed by Centre, would remain with it. New which would be added to the list would be divided between the Centre and states.

Talking to reporters after the meeting, Jaitley said while the annual exemption threshold for levy of would be Rs 20 lakh, it would be Rs 10 lakh in the north-eastern and hill states.

"All items including cess would be included in GST," Jaitley said, adding the Council is working on a compensation law and draft compensation formula.

The base year for calculating compensation would be 2015-16 and the formula for payment of compensation would be deliberated between the state and Central authorities.

The officials will give a presentation with regard to the compensation formula which can be adopted at the next meeting of the Council on September 30.

"All decisions today by the Council were taken on the basis of consensus," Jaitley said.

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Business Standard
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Business Standard

GST threshold fixed at Rs 20 lakh, rate to be decided in Oct

At the end of first meeting the Council decided that state authorities will have jurisdiction over assessees with annual turnover of less than Rs 1.5 crore

Press Trust of India  |  New Delhi 

GST platform to become analytics powerhouse

Moving on fast track to roll out the new indirect regime from April 1, Council on Friday fixed annual limit for exemption at Rs 20 lakh and resolved that all cesses will be subsumed in the GST.

While the next meeting of the Council on September 30 will finalise draft rules on granting exemptions, the rate and slabs would be decided at its three-day meeting beginning October 17.

At the end of the first meeting, the Council headed by Finance Minister decided that the state authorities will have jurisdiction over with annual of less than Rs 1.5 crore.

Those with of over Rs 1.5 crore, Jaitley said there would be cross examination either by officers from the Centre or state to avoid dual control.

However, the power for assessment of 11 lakh service who are currently assessed by Centre, would remain with it. New which would be added to the list would be divided between the Centre and states.

Talking to reporters after the meeting, Jaitley said while the annual exemption threshold for levy of would be Rs 20 lakh, it would be Rs 10 lakh in the north-eastern and hill states.

"All items including cess would be included in GST," Jaitley said, adding the Council is working on a compensation law and draft compensation formula.

The base year for calculating compensation would be 2015-16 and the formula for payment of compensation would be deliberated between the state and Central authorities.

The officials will give a presentation with regard to the compensation formula which can be adopted at the next meeting of the Council on September 30.

"All decisions today by the Council were taken on the basis of consensus," Jaitley said.

GST threshold fixed at Rs 20 lakh, rate to be decided in Oct

At the end of first meeting the Council decided that state authorities will have jurisdiction over assessees with annual turnover of less than Rs 1.5 crore

At the end of first meeting the Council decided that state authorities will have jurisdiction over assessees with annual turnover of less than Rs 1.5 crore
Moving on fast track to roll out the new indirect regime from April 1, Council on Friday fixed annual limit for exemption at Rs 20 lakh and resolved that all cesses will be subsumed in the GST.

While the next meeting of the Council on September 30 will finalise draft rules on granting exemptions, the rate and slabs would be decided at its three-day meeting beginning October 17.

At the end of the first meeting, the Council headed by Finance Minister decided that the state authorities will have jurisdiction over with annual of less than Rs 1.5 crore.

Those with of over Rs 1.5 crore, Jaitley said there would be cross examination either by officers from the Centre or state to avoid dual control.

However, the power for assessment of 11 lakh service who are currently assessed by Centre, would remain with it. New which would be added to the list would be divided between the Centre and states.

Talking to reporters after the meeting, Jaitley said while the annual exemption threshold for levy of would be Rs 20 lakh, it would be Rs 10 lakh in the north-eastern and hill states.

"All items including cess would be included in GST," Jaitley said, adding the Council is working on a compensation law and draft compensation formula.

The base year for calculating compensation would be 2015-16 and the formula for payment of compensation would be deliberated between the state and Central authorities.

The officials will give a presentation with regard to the compensation formula which can be adopted at the next meeting of the Council on September 30.

"All decisions today by the Council were taken on the basis of consensus," Jaitley said.
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Business Standard
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