The GST Council will begin its two-day meeting in New Delhi today to consider the model GST laws and iron out differences on the issue of jurisdiction over assessees in the new indirect tax regime. <br/><br/>This will be the seventh meeting of the Council and Union Finance Minister Arun Jaitley will chair the meeting. <br/><br/>GST Council in its last meeting had cleared 20 chapters of the model GST law and today they will discuss the remaining 7 chapters. Earlier, the council have taken several important decision. <br/><br/>The decision includes the threshold limit of 20 lakh rupees exemption from levy of GST for normal States and 10 lakhs for the Special Category States.<br/><br/>Besides, to compensate States for 5 years for loss of revenue due to implementation of GST, the base year for the revenue of the State would be 2015-16 and a fixed growth rate of 14 per cent will be applied to it. <br/><br/>The government has time till 16th September next year to implement the Goods and Services Tax Act as per the Constitution Amendment Bill passed by both the Houses with two-thirds majority and by half of the States.<br/><br/>