New Delhi: The all powerful GST Council, which will decide on tax rates, exempted goods and threshold, will meet for the first time today as it races against time to iron out issues between Centre and states for rolling out the new indirect tax regime from April 1, 2017.
The Goods and Services Tax (GST) Council is chaired by the Union Finance Minister and has Minister of State in charge of revenue and state finance ministers as members.
The two-day meet of the GST Council beginning tomorrow is likely to take up the discussion on issues of dual control and threshold with states demanding that they be given the legal and administrative power for imposing tax on entities with turnover of up to Rs 1.5 crore.
In their last meeting with Jaitley on July 26, states had made it clear that small businesses with turnover of Rs 1.5 crore and below should be taxed only in the hands of state.
In the GST structure, while the states have proposed that taxpayers with annual turnover of over Rs 1.5 crore should be taxed by the Centre, which will later disburse to states their share
