GST Council Scheduled 10th Meeting on 18 February

The GST council is all set to meet up again for its 10th meeting here at Udaipur, Rajasthan on 18th February to discuss and finalize all the pending bills and compensation rules. The meeting scheduled to gear up all the remaining work and to furnish the details in order to match the second part of the budget session which is going to be soon starting from March 9. The Prime Minister Narendra Modi has declared the constitutional amendment of GST bill has been passed on 14 December and will be soon implemented in 2017.

BTVi the Bills on CGST, IGST and Compensation are the major roles plays to take within the discussion, and will be taken for final approval and then headed towards the parliament. The dual control issue has been taken into consideration now and all the bills of compensation are now in the row to be final. As the issue was for the taxpayers assesses and the final decision holds on that the 90 percent of assesses will be examined by the states which have turnover of below 1.5 crores while the taxpayers above this turnover are divided equally among both the states and center.

Read Also: Meaning of SGST, IGST and CGST

The states have been demanding some sorts of compensation as the reason said to be demonetization which concluded a total loss of 90 thousand crores. This also led to declining in economic activities and had a huge crunch over revenue generation. The states are in deep trouble and have asked some sort of attention in this matter as the revenue loss will further hamper the situation, but the center also assured that the revenue will be compensated accordingly.