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GST Council Meet Tax Reforms on Track

GST Council Meet Tax Reforms on Track


First meeting of the GST Council headed by
Finance Minister Arun Jaitley has taken the following key decisions:

GST Council Meet Tax Reforms on Track

First meeting of the GST Council headed by
Finance Minister Arun Jaitley has taken the following key decisions:
  • Exemption threshold set at 20 lakh turnover ( 10 lakh for the North-Eastern states and other small states)
  • Sharing of administrative powers between the Centre and the states
  • Transactions below 1.5 crore were to be administered by the state governments
  • States have voluntarily agreed to let the Centre administer the GST on services
  • All cesses will be subsumed in the GST
  • Financial year 2015-16 will be the base year for making revenue projection
  • State authorities will have jurisdiction over assessees with annual turnover of less than 1.5 crore 
Pending decisions for the next GST Council meeting:
  • Finalise draft rules on granting exemptions
  • GST rate and tax slabs
  • KBK Infographics

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