GST Council First Meeting To Held Today

Goods and Service tax, a significant taxation regime which will subsume, various indirect taxes in the nation and has a tentative date of 1 April in coming year to be implemented. And in this direction, the first meeting will be holding today at the national capital. The two-day meeting was already scheduled for Sept. 22-23 this month.

The meeting will emphasize an important mark in the place of various issues that has to be resolved on the facts of taxation capping of the GST and the power distribution of both state and central authorities on the entities who have a turnover of up to INR 1.5 crore.

The proposed artifact by the centre is also for small traders, having an annual turnover of up to 20 to 25 lakh rupees, could be exempted from the GST, but states have demanded that the limit must be kept at 10 lakh rupees.

Previously, PM Narendra Modi held a meeting on 14 September that was attended by Jaitley, both the Ministers of State for Finance, senior officers from the Prime Minister’s office and the Finance Ministry. The PM reviewed the preparedness of GST scheme which has been given a deadline of April 1 next year.

Establishment of IT infrastructure for both Centre and States, training of officers of Central and State Governments and spreading awareness in trade and industry are some factors which the Prime Minister analyzed closely in the meeting.