Highlights of 7th GST Council Meeting dated 22-23 December, 2016

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In a series of Goods and Services Tax (GST) Council meetings, the 7th GST Council meet was conducted on 22-23 December 2016 under the Chairpersonship of the Hon’ble Union Finance Minister, Shri Arun Jaitley. Wherein some of the important decisions have been taken.

In the series of events for GST implementation and amidst recent demonetisation of high-value currency by the Government which has led to lot of tussles in the Parliament, 7th GST Council meeting started with the agenda to build consensus on various major issues on 22-23 December, 2016, to roll out GST as decided from April 1, 2017. The key highlights of 7th GST Council meeting are as under:

• On the first day of the two days meeting, the members debated and discussed the draft model of the GST law. And finally the council reached a broad consensus on the draft of CGST and SGST Laws and the draft model bills on the same passed.

• In the said meeting, there was discussion on the introduction of the GST treatment of land and building i.e. real estate, after a long discussion, the council decided not to introduce GST on land and building at the stage and further agreed that this issue could be revisited after a year or so of the implementation of the GST.

The Council, however, failed to arrive at consensus on Integrated GST Law and dual control regarding division of jurisdiction and administrative powers over tax assesses with an annual turnover of INR 1.5 crores, between the centre and the states.

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