Looking for the updates of the 9th GST Council Meeting? Here are the most important ones-
The 9th GST Council Meeting held on January 16, 2017 was chaired by Finance Minister Arun Jaitley in order to address the various unresolved GST issues.
- Finally, the issue of deadlock between the Centre and the states on the issue of “cross empowerment”, or dual control of assessees, and who will exercise control over them. that remained unresolved for a long time, came to a common agreement.
- States will evaluate and administer 90% of the assesses with an annual turnover of INR 15 million or less. The remaining 10% with an annual turnover of INR 15 million or less will be controlled by the centre. The liability to control and administer assesses with an annual turnover of more than INR 15 million will be shared by the centre and states in a 50:50 ratio.
- States will have the power to levy tax on economic activity within 12 nautical miles of territorial waters even though such rights are constitutionally bestowed on the centre. It was reported that the Finance Minister Arun Jaitley issued a statement saying “The power to levy and collect Integrated-GST, a tax on inter-state movement of goods and services, will lie with the Centre but by special provisions in law, states will also be cross-empowered.
- Furthermore the new deadline for GST roll out would be 1st July, 2017.
Source: https://www.gstcouncil.gov.in
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