GST Council to meet regularly until fixing rate, says Jaitley
NEW DELHI: Sep 23, 2016,
Keeping the April 1, 2017 deadline in mind, the GST Council on Thursday decided to meet regularly to resolve issues related to rate setting, threshold and exemption before the start of the Winter session, when supporting GST laws are ready to be passed.
Finance Minister Arun Jaitley, who chaired the first meeting of newly constituted council, said the body will meet in quick succession until the fixation of GST rate and other issues are resolved. He hoped there will be consensus on all issues soon.
Jaitley said the Central GST and Integrated GST bills too have to be passed by Parliament in the Winter session for the GST Act to be rolled out from April 1, next year. States simultaneously have to pass State GST laws by their Assemblies.
“All I can say is that by and large, the meeting (of the GST Council) was conducted in a true federal spirit without any form of division on political lines,” Jaitley said, however, he added that there were concerns among states about certain genuine problems regarding rate structure and exemption.
Certain states demanded lowering of threshold limit to Rs 10 lakh for imposing GST, but a majority of them have asked for Rs 25 lakh.
The council is meeting again on Friday to decide on compensation laws and cross empowerment of states, the finance minister said.
To get the two GST legislations passed by Parliament for its roll out in April, next year, the government may also advance the Winter session to mid-November from the usual third week of November, sources said.
*Finance Minister expects that there will be consensus on all issues soon
*The Central GST and Integrated GST bills too have to be passed by Parliament in the Winter session
*All states will have to simultaneously pass State GST laws by their respective Assemblies
*Council on Friday will decide on compensation laws
Finance Minister Arun Jaitley, who chaired the first meeting of newly constituted council, said the body will meet in quick succession until the fixation of GST rate and other issues are resolved. He hoped there will be consensus on all issues soon.
Jaitley said the Central GST and Integrated GST bills too have to be passed by Parliament in the Winter session for the GST Act to be rolled out from April 1, next year. States simultaneously have to pass State GST laws by their Assemblies.
“All I can say is that by and large, the meeting (of the GST Council) was conducted in a true federal spirit without any form of division on political lines,” Jaitley said, however, he added that there were concerns among states about certain genuine problems regarding rate structure and exemption.
Certain states demanded lowering of threshold limit to Rs 10 lakh for imposing GST, but a majority of them have asked for Rs 25 lakh.
The council is meeting again on Friday to decide on compensation laws and cross empowerment of states, the finance minister said.
To get the two GST legislations passed by Parliament for its roll out in April, next year, the government may also advance the Winter session to mid-November from the usual third week of November, sources said.
*Finance Minister expects that there will be consensus on all issues soon
*The Central GST and Integrated GST bills too have to be passed by Parliament in the Winter session
*All states will have to simultaneously pass State GST laws by their respective Assemblies
*Council on Friday will decide on compensation laws
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