Barring West Bengal, All the states in the country have given their consent for the new tax system under Goods & Services Tax (GST).
During the 9th Meeting of GST Council in New Delhi, It's been decided that States will be given authority to administer 90 percent of the tax payers who's turnover is less than Rs 1.5 crore. Whereas, Centre will take care of the remaining tax payers.
On the other hand, Centre & States will jointly administer taxpayers who's turnover is over Rs 1.5 crore in 50:50 ratio.
Telangana Government appealed Centre to provide tax exemption for agriculture apart from less tax on goods extensively used by common man.
The 10th meeting of GST Council is going to happen on February 18th. GST might be implemented from July 1st, 2017.
During the 9th Meeting of GST Council in New Delhi, It's been decided that States will be given authority to administer 90 percent of the tax payers who's turnover is less than Rs 1.5 crore. Whereas, Centre will take care of the remaining tax payers.
On the other hand, Centre & States will jointly administer taxpayers who's turnover is over Rs 1.5 crore in 50:50 ratio.
Telangana Government appealed Centre to provide tax exemption for agriculture apart from less tax on goods extensively used by common man.
The 10th meeting of GST Council is going to happen on February 18th. GST might be implemented from July 1st, 2017.