Eight meeting of GST Council: Key takeaways
January 4, 2017
The GST council headed by Finance Minister, Arun Jaitley, met 8th time after its formation. The key takeaways from council meeting are given hereunder:
1.Issue of dual control
It is very unfortunate that even in the 8th round of meeting GST council did not reach to any consensus on issue of dual control. The Centre is not willing to accept demand of States for exclusive control over assesses having turnover below Rs 1.5 crore.
Officials from State Govt. were of the view that cess to be levied on more items in addition to demerit goods as the demonetization drive would reduce the tax collection in first year of GST implementation. The revenue loss from GST rollout post-demonetisation could be as much as Rs 90,000 crore,” said West Bengal Finance Minister Amit Mitra.
3. Industry representation
The GST Council has also received representation from officials and Ministers of various sectors like commerce and industry, banking and insurance, civil aviation, railways etc., to understand the impact of GST on products.
Unless administration issue is resolved it would be difficult for the Government to present the GST legislation (Central GST and Integrated GST) before the Parliament in the upcoming budget session. Thus, GST is not likely to be rolled out from April 1, 2017.