Splitting of taxpayers between the Centre and the states will be carried out horizontally and 10 per cent of the assessees with annual turnovers of below Rs 1.5 crore will come under the Centre. The taxpayers with an annual turnover of more than Rs 1.5 crore will be shared by the two entities in 50:50 ratio.
Union finance minister Arun Jaitley said that each taxpayer will be assessed by any one authority only once.
The issue pertaining to coastal states’ demand to control economic activities within 12 nautical miles has also been resolved, with Centre agreeing to give up the control of the high seas.
The Council finalised the draft supporting law at the meeting held on January 16. However, the drafts of Integrated GST (IGST), Central GST (CGST) and State GST (SGST) will be finalised in the next meeting that will take place on February 18. Following this, the Council will decide the tax slabs for taxing various goods and services.
Jaitley said that July 1 will be the realistic date for implementing the GST bill. He also added that the bill need not be implemented from the beginning of the financial year as this tax will be levied only when a sale is carried out. (KD)
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