The GST Council meeting headed by the Finance Minister Arun Jaitley is underway in New Delhi. The key issues related to Integrated GST and dual control will be discussed during the day long meeting. Representatives of six crucial sectors, including IT, telecom, banking and insurance, to assess the implementation hurdles under the new GST regime are attending the meeting. <br/><br/>In the last meeting, the council had approved the primary drafts of Central GST and State GST laws. The council had also cleared the basic draft of compensation law. Under it, the states will be fully compensated for any loss of revenue for five years due to the implementation of new direct tax regime. The compensation to the states will be paid every two months. The Centre is keen to finalise the draft GST legislations to ensure they are tabled in Parliament and State assemblies in the ensuing Budget Sessions. <br/><br/>'''''<br/>

The Goods and Services Tax, GST Council meeting is underway in New Delhi. 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. <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.