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Infrastructure Today Magazine | FM announces administrative mechanism for GST
FM announces administrative mechanism for GST
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The two-day meet of the GST Council has concluded. The council has resolved that :
For annual turnover above Rs.1.5 crore, the taxpayers will be cross-examined either by the Central or state authorities on the basis of risk assessment.
The Centre will continue to assess the existing service tax assessees, till state officers are trained for the same.
The Council has agreed that all cesses shall be subsumed in the GST.
The Union Finance Minister further announced that the GST Council shall try and finalise the tax rate and slabs in the meeting to be held from 17 October 2016 to 19 October 2016.
The GST Council will also schedule a meeting on 30 September 2016 to finalise and approve the draft rules of GST and the area-based exemptions.
Service Tax Assessees
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