Congress has put all the efforts to control some of the points which would thereby repress the main motive of GST regime to fully function into its caliber. The issues that the Congress and its major finance ministers are pressing down is that of capping of GST rate to 18 per cent.
The point will be made obliged on the due date of GST council three days significant meeting starting from 17 October, and will justify with several common connotations which are to clarify that higher tax rate will burden the public and surely not serve the main basis of easing the taxation scheme currently prevailing the country.
The first meeting which was commanded by finance minister Arun Jaitley has decided to keep away the dealers having the total revenue of 20 Lakh from the GST net, while the same goes for 10 Lakh for northeastern and hill states.
The threshold limit for the revenue taxation will also be decided in the meeting commencing from 17th October and the administrative powers to be applied over the concerned dealers, but as of now the decided point was that the state authorities will have the authorities to jurisdiction over the revenue generation less than 1.5 crores.
Also, the issue of Surcharge of 1 per cent took the toll while the revenue loss of the states, the establishment of a dispute redressal mechanism and legal ring-fencing of the consolidated cap on GST rate, were some major points to be held.
Meanwhile, the party was seen addressing, “It was agreed that the rate will be reflected in the GST law that will be recommended by the GST council. It is important that the government honors the same.”
