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  Business   Economy  16 Jan 2017  GST rollout deferred to July 1, dual control issue resolved

GST rollout deferred to July 1, dual control issue resolved

THE ASIAN AGE WITH AGENCY INPUTS
Published : Jan 16, 2017, 6:24 pm IST
Updated : Jan 16, 2017, 6:34 pm IST

Finance Minister Arun Jaitley says states will also be allowed to levy their territorial waters.

Finance Minister Arun Jaitley.
 Finance Minister Arun Jaitley.

Mumbai: Finance Minister Arun Jaitley said on Monday that the roll out of the Goods and Services Tax (GST) has been postponed to July 1.

"There was a broad view that July 1 appears to be a more realistic date to roll-out," Jaitley said after a meeting of the ninth GST Council.

However, he added that the contentious issue of dual control was resolved at the meet.

Jaitley said that states will be cross empowered. “90 per cent of assessees with Rs 1.5 crore yearly turnover will be assessed by states. Rest 10 per cent will be assessed by the Centre,” Jaitley informed.

Businesses above Rs 10 crore or less will be assessed 50 per cent by states and 50 per cent by the Centre, Jaitley said.

The Council in its previous meeting had agreed upon most of the clauses of draft GST law. The draft GST law along with Central GST and State GST will have to be passed by Parliament and state legislatures to roll out the indirect tax regime.

Tags: gst, gst council, dual control, states
Location: India, Maharashtra, Mumbai (Bombay)