The meeting of GST Council was held at New Delhi today. The major decisions taken at the meeting are as follows:
Threshold for Exemption
The threshold for GST has been fixed at Rs. 20 Lakhs. For Businesses in North Eastern States, the limit will be Rs. 10 Lakhs. GST will not be applicable on Businesses with annual turnover below the exemption limit.
Dual Control
On issue of Dual Control, consensus was reached in the meeting. All Businesses with annual Turnover below Rs. 1.50 Crore will be assessed by State Authorities. Businesses with Turnover above Rs. 1.50 Crore, will be assessed by either Central Govt or State Govt. For this purpose, a mechanism will be developed. All Service Tax assessees will be assessed by Central Government irrespective of the Turnover.
The next meeting of the GST Council will be held on 30th September to discuss draft Rules and Exemptions.
Rates and Slabs of GST will be decided in the meeting of the Council to be held on 17-19 October.
Threshold for Exemption
The threshold for GST has been fixed at Rs. 20 Lakhs. For Businesses in North Eastern States, the limit will be Rs. 10 Lakhs. GST will not be applicable on Businesses with annual turnover below the exemption limit.
Dual Control
On issue of Dual Control, consensus was reached in the meeting. All Businesses with annual Turnover below Rs. 1.50 Crore will be assessed by State Authorities. Businesses with Turnover above Rs. 1.50 Crore, will be assessed by either Central Govt or State Govt. For this purpose, a mechanism will be developed. All Service Tax assessees will be assessed by Central Government irrespective of the Turnover.
The next meeting of the GST Council will be held on 30th September to discuss draft Rules and Exemptions.
Rates and Slabs of GST will be decided in the meeting of the Council to be held on 17-19 October.
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