इंडियन आवाज़     21 Feb 2024 04:52:30      انڈین آواز

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

Our Correspondent

GSTThe Goods and Services Tax, GST Council has fixed the annual turnover limit for exemption at Rs 20 lakh and resolved that all cesses will be subsumed in the GST. Briefing media after the meeting, Finance Minister Arun Jaitley said, the limit would be 10 lakh rupees in the north-eastern states.

He said, the next meeting of the Council will be held on 30th of this month to finalize and approve draft rules of GST. He said, GST Council will finalise tax rate and slabs at its three day meeting beginning on 17th of next month. The Council also decided that the state authorities will have jurisdiction over assessees with annual turnover of less than 1.5 crore rupees.

Mr Jaitley said, there will be cross examination either by officers from the Centre or state to avoid dual control in these cases. However, the power for assessment of 11 lakh service tax assessees who are currently assessed by Centre, would remain with it.

New assessees which would be added to the list would be divided between the Centre and states.He added that 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.

He said, all decisions today by the GST Council were taken on the basis of consensus. Mr Jaitley said the general consensus at the GST Council meeting was that the compensation to be paid to states for any loss of revenue because of implementation of the new regime, should be at regular intervals and it should be quarterly or bi-monthly.

He said, there were also suggestions on the method of projecting the increase in revenue in the next five years. He said, another suggestion was on a fixed rate of revenue growth and give compensation.

Revenue Secretary Hashmukh Adhia said the first meeting of the GST Council was a success. He said, only 5 per cent of the cases will be audited under the GST regime.

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