SEPTEMBER 2016 – First meeting of GST Council held

SEPTEMBER 2016 – First meeting of GST Council held

Announcement Date: September 22, 2016

In the first meeting of GST Council, the threshold exemption has been decided at Rs. 10 Lakhs for North-Eastern States, and Rs. 20 Lakhs for the rest of India. Further, it is decided that States will have sole jurisdiction over assessees having a turnover of Rs. 1.5 crores or less. The existing service tax assessees will continue to be under jurisdiction of Centre. The Centre will pay quarterly or bi-monthly compensation to States, in case of any revenue loss. The GST Council also agreed to keep 2015-16 as the base year for calculating the compensation.

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