In its first set of decisions, the Goods and Services Tax (GST) Council on Friday fixed the turnover-based exemption limit from such levies at Rs. 20 lakh, but left the decision on fixing the actual tax rates and the finalisation of draft rules for later. The Minister, who is also chairman of the council, said the jurisdiction over assessees with a turnover of Rs. 1.5 crore and below would solely be with the States and for those above, it would be jointly with the Central and State governments. “All existing cesses will be subsumed in GST,” he said, even as officials added that the draft rules and the model laws could be taken up on September 30.

Source: The Hindu September 23, 2016 10:08 UTC