Since notification of the GST Council on September 12, 2016, six meetings of the GST Council have been held, wherein some of the important decisions have been taken, such as threshold limit for exemption from levy of GST, GST rates etc. (as mentioned in the report card issued by the Government on December 14, 2016).
In the series of events for GST implementation and amidst recent demonetisation of high-value currency by the Government which has led to lot of tussles in the Parliament, 7th GST Council meeting started with the agenda to build consensus on various major issues on 22-23 December, 2016, to roll out GST as envisaged from April 1, 2017. The key highlights of 7th GST Council meeting are as under:
√ A few issues are left to be settled such as the source of the compensation fund but the said Law will be placed for approval, along with the Draft CGST/SGST Law, in legal language in the next meeting of the GST Council going to be held on January 3-4, 2017.
√ States will be compensated 100 per cent loss for 5 years.
√ The compensation to the States for the loss of revenue, if any, from the rollout of GST would be paid every two months.
Therefore, GST Council will meet again on January 3-4, 2017, to build a consensus on the contentious issue of dual control, cross-empowerment and Draft IGST Law. In this regard, Mr. Arun Jaitley added, by saying that:
“So, if I were to list the residual issues left for the next meeting, then they are the Interstate GST law, the issues of dual control and cross empowerment, and the approval of the legally vetted language”.
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