Current Affairs
Select Date
Tags:
Hindi
Share

First GST Council Meet : 1 April Rollout Agreed


The goods and services tax (GST) will be rolled out on 1 April, members at the first meeting of the GST council decided by consensus on Thursday.
•    They also charted the steps to be taken over the next few months to meet the deadline.
•    Some key issues like sharing of administrative control between the centre and states and the mechanism for deciding on the compensation mechanism, law and formula for states will be taken up in the meeting.
•    The GST council agreed on a compounding scheme for small traders with revenues of up to Rs50 lakh wherein they can pay a flat tax to be decided at a future date. 
•    The meeting also finalized the rules of business and conduct of the GST council. In the absence of a state finance minister, state government officials will be able to represent the state but won’t be able to vote. 
•    Issues like tax rates, the threshold level and selection of a vice-chairman have been put off for later.
 

All Rights Reserved Top Rankers