Business Mantra News
On 20 September a political consensus was made on GST in the meeting of GST Council. Following decision have been taken in the GST Council meet headed by Finance Minister Mr. ARUN JAITLEY.
- Thresh hold limit for a business to be covered under GST would be Rs. 20 lakh turnover and for north eastern states & other small state the limit will be Rs. 10 lakh. However, this threshold limit incudes all types of exempted sales/exports etc. It means that instead of increase in exemption limit there has been reduction in threshold limit in real terms.
- It was decide that state authorities will have justification over assesses with turnover Rs. Less than 15 crore.
- For assesses turnover with more than Rs. 1.5 crore, the assessment cross examination would be done by any of the central or state offices. Dual control would be avoided.
- Present service tax assesses would be assessed by centre government offices. New service tax assesses after GST implementation would be divided between central & state authorities.
- Next council meeting will be on 30 September to final draft rules related to exemptions & then shall meet on October 17 to October 19 over rates under GST Act.