Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
A very crucial meeting which was scheduled to happen on November 25 now postponed to December 2-3. Various states were in the row to modify the rules and regulations in model GST and the compensation laws.
Retailer association of Indian community has given a consent that the upcoming GST rate must be close to the current rate of tax applied to the market. A statement from the association was that The delegation emphasized the need to transition to Goods and Services Tax (GST) at rates as close as possible to the current effective rate of tax.
The GST council has been callings numerous meeting sessions from August starting from the day when parliament and both the house of states cleared the GST bill with the consent. In this same line-up, the GST council held a three-day session in Delhi for finalizing the GST rate.
Finally, government has cleared off some clouds over the blur issue of taxation rate. The tentative rates were being generalized after the first-day meeting of the GST council headed by Finance minister Arun Jaitley. The rate of taxation has been running under the row and would be improvised soon.
GST council pre-decided meeting turns out today for some crucial decision which will infiltrate the Indian economy and its financial structure from now onwards. The main agenda has turned out to be the final taxation rate on which the GST will be operational while other issues like compensation and service tax assessment will also be looked upon. All the state finance ministers will be a part of this significant meeting.
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 […]
