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Rs. 20 Lakh - GST Council'ss Exemption Threshold for Tax

The first meeting of Goods & Services Tax (GST) Council has decided to exempt businesses with annual turnover below Rs.20 lakh out of the GST net. 
•    The meeting was presided by Union Finance Minister Arun Jaitley in New Delhi and was attended by Finance ministers of states. 
•    Threshold for exemption for businesses in Northeastern and hill states will be for annual turnover below Rs.10 lakh and rest of India it will below Rs.20 lakh. 
•    Consensus was reached on the contentious issue of administrative control over indirect tax assesses.
•    The existing 11 lakh service tax assesses will continue to be under the jurisdiction of the Centre. 
•    The compensation that Central Government will pay to states for losses of revenue because of the transition to GST regime will be routinely, quarterly or bi-monthly.
•    The GST Council also agreed to settle 2015-16 as the base year for calculating the compensation.

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