Salient Points of 2nd Meeting of GST Council Dated 22-23 September, 2016

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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.

  1. 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.
  2. It was decide that state authorities will have justification over assesses with turnover Rs. Less than 15 crore.
  3. 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.
  4. 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.
  5. 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.

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