Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / GST rollout from July 1; states to control small taxpayers
GST rollout from July 1; states to control small taxpayers
17
Jan '17
The Centre and states have reached a consensus on the issue of dual control over assessees in the ninth Goods and Services Tax (GST) Council meeting by agreeing to let states control a majority of the small taxpayers. States will assess 90 per cent of taxpayers with a turnover of below Rs 1.5 crore. The Council also decided to push its rollout date to July 1.

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)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Amazon

Apparel/Garments | On 23rd Sep 2018

Consumers in Turkey get access to Amazon

Amazon has launched in Turkey giving customers in the country...

Value in omni-channel retail with Flipkart buying: Walmart

Apparel/Garments | On 23rd Sep 2018

Value in omni-channel retail with Flipkart buying: Walmart

With the acquisition of Flipkart, Walmart sees great value in...

E-com to result in common SE Asian consumer market: BCG

Textiles | On 23rd Sep 2018

E-com to result in common SE Asian consumer market: BCG

The rapid spread of e-commerce and digital technologies is binding...

Interviews View All

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Ravindra Jain, Ashish Baid,

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


September 2018

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

news category


Related Categories:

Advanced Search