GST

GST Council meeting remains inconclusive on dual control Issue

The government says Goods and Service Tax Council Meeting remained inconclusive on cross empowerment or dual control issue. Addressing a press conference in New Delhi at the end of two day meeting of the council, Finance Minister Arun Jaitley said, state Finance Ministers will meet on 20th of this month to sort out pending issues. He said, GST council completed a substantial part of discussion. The Minister said, tax exemption limit under the GST will be 20 lakh rupees and further four drafts will be prepared for discussion in this connection. He said all the taxation officers have to administer one tax which is the GST and therefore there has to be clearly defined guidelines. Mr Jaitley said, there cannot be two competing assessing authorities for the same assessee. He said, five suggestions were made on how to divide the assessee base. The Finance Ministers said, GST Council meeting of November 9-10 has been cancelled and the ministers will hold informal meeting on 20th of this month to find a political solution of division of tax base. GST council will meet on 24th and 25th of this month to approve the drafts of GST legislation's prepared by the officials. The Council will also discuss and approve the

Outcome of informal meeting of the state Finance Ministers. Replying to a query, the Minister said efforts are on to pass the GST legislation's in Winter Session of Parliament beginning 16th of this month.

AIR correspondent reports, yesterday the Council had finalised four-tier GST rate structure of 5, 12, 18 and 28%

(NewsonAir)