GST Council to meet in Udaipur to finalise new tax draft

GST Council to meet in Udaipur to finalise new tax draft

0
gst-council-to-meet-in-udaipur-to-finalise-new-tax-draft

UDAIPUR: The 10th meeting of the Goods and Services Tax (GST) Council would be held in Udaipur on Saturday to finalize the draft supporting legislations crucial for the implementation of GST.

This is first time when the council meeting is being held outside Delhi which is expected to be attended by over 700 participants from Centre and all the states. The meeting would be headed by Union finance minister Arun Jaitley and attended by finance ministers of various state and their representatives.

A consensus has already been obtained on all the contentious issues, including crucial subject like on sharing of the administrative powers between the Centre and the states and therefore, the Udaipur meeting is likely to yield a positive nod to the final drafts of legislations on the central GST (CGST), state GST (SGST) and the Integrated GST (IGST), sources said.

Another agenda to be discussed during the meeting would be on the bill to compensate states for revenue losses arising from a transition to GST. The last meeting of the council was held on January 16 wherein the states were allowed to tweak taxpayer division after consulting Centre.

The states were given the concession over and above the agreed upon 90:10 division of tax assesses below the annual turnover threshold of Rs 1.5 crore between states and the Centre respectively and an equal division of assesses for a turnover above the above limit.

The government intends to rollout the indirect tax regime from July this year as it is bound by the Constitution (One hundred and First Amendment ) Act, 2016 to roll out the indirect tax regime by September 16 this year. On the eve of the national meeting, Udaipur collector Rohit Gupta and higher authorities from the police department visited the meeting venue to scrutinize the arrangements.