Saturday, January 7, 2017

Eight meeting of GST Council: Key takeaways

The GST council headed by Finance Minister, Arun Jaitley, met 8th time a􀁺er its formation. The key takeaways from council meeting are given hereunder:

1. Issue of dual control 

It is very unfortunate that even in the 8th round of meeting GST council did not reach to any consensus on issue of dual control. The Centre is not willing to accept demand of States for exclusive control over assesses having turnover below Rs 1.5 crore.

2. Cess

Officials from State Govt. were of the view that cess to be levied on more items in addition to demerit goods as the demonetization drive would reduce the tax collection in first year of GST implementation. The revenue loss from GST rollout post-demonetisation could be as much as Rs 90,000 crore,” said West Bengal Finance Minister Amit Mitra.

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