Powerd By SAG INFOTECH
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The disagreement emerged between the states and Centre regarding the Centre’s administrative control of service tax assessees, which was earlier accepted in the first meeting. The council didn’t accept the points noted down on the first meeting which was held on 23rd September.
The two-day meeting of GST council that started on Thursday has come up with a striking news and has given an exact limit on which the threshold amount has been set.
The GST Council has been inviting more number of states to discuss over GST in order to clear all the doubts and fix the issues before the deadline. The first meeting of GST held on Thursday has decided to hold the predetermined date of the roll out to be 1st April 2017.
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 […]
Goods and Service Tax rate have been in very much disguise as there is no exact point on which both state and central government can conclude up. The committee formed by the powered officials which comprised state and central government genre will be looking into the matter.
The GST council will be playing a very significant role in the implementation of the new taxation regime across the country. While carrying important aspects, the council will be responsible for all the major decisions and roll out regarding the taxation structure.
Recently the Cabinet Ministry has given their approval for the establishment of GST Council, notification regarding the establishment of Council was issued on Saturday the 10th day September 2016 and the provisions came into force on Monday the 12th day of September 2016.
In the Cabinet meeting held today, the Union cabinet approved the creation of the GST Council, which will take decisions regarding the fixation of the rate of tax under the GST regime, which will be effective from April 1, 2017.
The Union Cabinet will be holding a meeting on Monday to take the next step required in the implementation of the GST Act in India. The cabinet will decide about the GST council which is an important part of the GST regime. The council will set the GST rates for the different sectors functioning in the country. Over 17 states have already ratified the bill along with President’s nod, the bill is one of the top priorities of the govt.
