The GST Council was constituted in India on 12th September 2016.
The constitution of GST Council is the milestone for implementation of GST in India. It will have representation & saying from State and Centre . It will be chaired by Finance Minister of India.
Role of GST Council
Goods & Service Tax Council i.e GST Council in India will play a major role in implementation of GST and will decide upon the following aspects :
a. GST rates for various supplies of goods and services,
b. Threshold Exemption limit ,
c. Levy of Cess,Surcharges etc
d. Exemptions & Area Based Exemptions
e. GST Regulations
f. Recommendation to State and Central Government on various issues and notifications etc .
First Meeting of GST Council
The first meeting of GST Council took place in New Delhi on 22nd and 23rd of September 2016.It concluded on various issues as below :
Exemption Limit – Rs 20 Lakhs limit ,except in hilly & North East States wherein Rs 10 Lakhs is fixed
Existing 11 lakh service providers shall be under the control of Central Government irrespective of their turnover.
Units Upto Rs 1.5 Cr – The units with turnover upto Rs 1.5 Crores will be under the control of States.
Second Meeting of GST Council
The next meeting of GST Council is Scheduled on 17- 19 October 2016.
The major areas which shall be taken up during such meeting can be the following :
a. GST slabs & rates
b.GSTN review
c. Review & discussions on major concerns and suggestions of prominent industry associations
d.Nominations of States officials
e. GST draft regulations etc
Let’s hope that GST Council is able to zero upon the best rate of GST for ultimate growth of GDP in India.
For GST advisory & implementation , please click the link
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