GST Governing Council to meet in Udaipur

GST Governing Council to meet in Udaipur

Goods and Services Tax (GST) governing council will meet in Udaipur on 18 Feb to give approval to GST Draft Law. This is the first time that the GST governing council is meeting in any city outside New Delhi. The council will be chaired by Finance Minister Arun Jaitley. The meet will also have State […]

 

GST Governing Council to meet in Udaipur

Goods and Services Tax (GST) governing council will meet in Udaipur on 18 Feb to give approval to GST Draft Law. This is the first time that the GST governing council is meeting in any city outside New Delhi.

The council will be chaired by Finance Minister Arun Jaitley. The meet will also have State Finance Ministers from all the states of India. The prime issue of Dual Tax Control was resolved in the last meeting.

Main agenda for the meeting in Udaipur will be to give approval for GST, IGST, CGST and IGST Draft law. Besides this, consensus is also required on compensation law for States. As part of compensation law, Centre will compensate the States for 3 years to cover the losses on account of GST implementation for 3 years.

As per the consensus on dual tax control in last meeting, it was agreed that for taxes upto Rs 1.5 Cr, 90% collection will go to State with balance 10% going to Centre. For tax collections over Rs 1.5 Cr, State and Centre will have equal distribution. Mechanism for implementing this provision will also be thrashed out in the meeting.

To join us on Facebook Click Here and Subscribe to UdaipurTimes Broadcast channels on   GoogleNews |  Telegram |  Signal