The Goods and Services Tax, GST Council's two-day meeting continues in New Delhi today to consider the model GST laws and iron out differences on the vexed issue of jurisdiction over assessees in the new indirect tax regime. <br/><br/>This is the seventh meeting of the Council, which is being headed by Union Finance Minister Arun Jaitley and has ministers from states as members. <br/><br/>Earlier, the council took several important decisions in its meetings. The decisions include 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. 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.

The Goods and Services Tax, GST Council's two-day meeting continues in New Delhi today to consider the model GST laws and iron out differences on the vexed issue of jurisdiction over assessees in the new indirect tax regime. <br/><br/>This is the seventh meeting of the Council, which is being headed by Union Finance Minister Arun Jaitley and has ministers from states as members. Earlier, the council took several important decisions in its meetings. The decisions include 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. 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.

The Goods and Services Tax, GST Council's two-day meeting continues in New Delhi today. The Council meeting is to consider the model GST laws and iron out differences on the vexed issue of jurisdiction over assessees in the new indirect tax regime. This is the seventh meeting of the Council, which is being headed by Union Finance Minister Arun Jaitley and has ministers from states as members. <br/><br/>Earlier, the council took several important decisions in its meetings. The decisions include the threshold limit of 20 lakh rupees exemption from levy of GST for normal States and 10 lakhs for the Special Category States. 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. 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.