Highlights of 2nd GST Council Meeting dated 30th September 2016

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The second meeting of the GST Council was held in the Parliament House Annexe, New Delhi on 30 September 2016 The Hon’ble Union Finance Minister, Shri Arun Jaitley was on chair.

The 2nd GST Council Meeting was held with the following Agenda:

1. Approval of the Draft Minutes of the 1 st GST Council Meeting along with the Draft Rules for the Conduct of Business a.Draft Minutes of the l ” GST Council Meeting b.Draft Rules of Procedures and Conduct of Business in the GST Council.
2. Draft GST Rules on Registration, Payment, Return, Refund and Invoice, Debit/Credit Notes.
3. Treatment of the existing tax incentive schemes of the Central and State Governments.

After the long discussion the following decisions were taken:

1. All entities exempted from payment of indirect tax under any existing tax incentive scheme shall pay tax in the GST regime.
2. The decision to continue with any incentive given to specific industries in existing industrial policies of States or through any schemes of the Central Government, shall be with the concerned State or Central Government.
3. In case the State or Central Government decides to continue any existing exemption/incentive/deferral scheme, then it shall be administered by way of a reimbursement mechanism through the budgetary route, the modalities for which shall be worked out by the concerned State/Centre.

The 2nd GST Council meeting concluded by deciding the dates and agenda for the 3rd GST Council Meeting which was held on 18th and 19th October, 2016.

Source: https://www.gstcouncil.gov.in

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