New Delhi: In a big step forward in the implementation of the goods and services tax (GST), the Centre and the states on Friday agreed on two crucial issues—the revenue threshold limit below which traders will be exempted from GST and the sharing of administrative powers between the two. The revenue exemption limit will be Rs20 lakh for all states with the exception of north eastern and the hill states where the limit will be Rs10 lakh. The issue of dual control over small traders was also resolved with states getting exclusive control over all dealers up to a revenue threshold of Rs1.5 crore. The next meeting will be held on 30 September, which will decide on the draft rules and on area-based exemptions. The tax rates will be decided in the meeting to be held from 17-19 October, Jaitley said.

Source: Mint September 23, 2016 09:29 UTC