 "Finance Minister Arun Jaitley. (Photo: PTI)")
The much-awaited decision on GST rates did not come at the last day of the third round of GST Council meeting on Wednesday. These will be discussed further at the next meeting of the Council, slated for November three and four. Also, the issue of administrative control over assesses would be re-looked at.
Briefing reporters after the Council meeting, union finance minister and chairman of the Council Arun Jaitley said there was a broad consensus on compensation.
The further nitty gritty would be decided at the November meeting.
Sources said there is consensus on cess to be levied above proposed 26 percent GST rate on luxury items, but the rate of cess was not arrived at.
The Centre had on Tuesday proposed four GST slabs of six, 12, 18 and 26 per cent with a cess over 26 per cent on luxury items.
The Council is also slated to meet on November 9-10, but it will discuss GST laws in those meetings.
Earlier, the Council had decided that states would have sole administrative control over assessees having an annual turnover of Rs 1.5 crore, while above that both the states and the Centre would have control. However, the Centre will have sole control over assessees in services sector right from the beginning till the time states have a mechanism to monitor service tax assessees.
However, that consensus broke down later as a few states had said that they also monitor some services such as entertainment tax and as such should have control over that.
Some states are also saying that there should be similar mechanism between goods and services. As such, the whole issue is being re-looked afresh, Revenue Secretary Hasmukh Adhia said.
