Home / Knowledge / News / Textiles / GST Council prepares timetable for April 1 roll out
GST Council prepares timetable for April 1 roll out
23
Sep '16
At its first meeting, the newly constituted GST Council agreed on a timetable to roll out the Goods and Services Tax (GST) from April 1, 2017.  The meeting also arrived at a consensus on compounding or composition scheme, and decided that businesses below a turnover of Rs 50 lakh will pay 1-2 per cent tax, a rate that will be much lower than the GST rate.
 
However, differences remained on the turnover limit for exemption from the new tax. While Delhi wanted the threshold to be fixed at Rs 25 lakh of annual turnover, Uttar Pradesh was keen on Rs 10 lakh. Uttar Pradesh said it would lose 7.8 per cent of tax revenues if the threshold is kept at Rs 25 lakh, while Delhi was worried that its small traders would be hit if the threshold is kept at Rs 10 lakh. However, the majority view was in favour of a higher exemption limit as tax collected from traders is just 2 per cent of the total tax collection.
 
The meeting also saw states like Uttar Pradesh and Tamil Nadu demanding a larger say that one-state-one-vote principle which puts a smaller state on equal footing with a state that has strong manufacturing industry. However, this demand was overruled.
 
Briefing reporters at the end of first day of the meeting, Union finance minister and GST Council chairperson Arun Jaitley said the timetable has been set keeping the April 1, 2017, deadline in mind. “The target also involves the passage of CGST and IGST law at the central Parliament and then the state GST law by the state legislatures in the winter session itself. Today, starting from September 22, we roughly have two months time till November 22 to resolve all outstanding issues and therefore a draft timetable was given which also have been adopted.”
 
“With regard to composition we have finalised our proposal which has been unanimously accepted by the members. With regard to threshold for exemptions, there are two sets of suggestions which have come. We have converged to those two different views and both on officers and ministers track we will continue the meeting tomorrow and thereafter so that we are able to converge to one particular figure as far as the exemptions are concerned,” Jaitley said.
 
On the second day, the Council's agenda includes discussion on dual control of central and state tax officials over assessees, and compensation to states for five years, in the event of revenue loss. (RKS)
 

Fibre2Fashion News Desk – India


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search