1st July appears to be more practical for GST Rollout

Submitted by Tax_centrik on 17/01/2017

GST ninth council meeting comes to an end with major outcomes as it resolved the issue of cross empowerment and dual control.

Major decision encompasses in meeting are-

  1. Assessee having turnoverof less or equal to 1.5crore will be assessed for the purpose of scrutiny and audit by the states and centre in the ratio of 90:10 respectively.
  2. Assessee having turnoverof more than 1.5crore will be assessed by the states and centre in the ratio of 50:50 respectively.
  3. As far as 12 nautical miles intoterritorial waters is concerned, it’s a part of centre territory but as perconvention the state will be empowered to collect tax on any economic activity there.

The next critical aspects to be watched out are the GST council discussion on supporting GST legislation, publication of rules and GST rates.

 

The council will now meet on February 18 and approve the legislation that need to be cleared by parliament and it is expected that those would be passed and ratified during the budget session.

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