LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

States agree July 1 realistic date to implement GST, says Jaitley

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
States agree July 1 realistic date to implement GST, says Jaitley
GST Turnover below Rs 1.5 crore will be assessed by the individual states and assesses above Rs 1.5 crore will be assessed in equal ratio. Image of GST Council. Image Source: Finance Ministry/Twitter
Written By: ZeeBiz WebTeam
Updated: Mon, Jan 16, 2017
06:34 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

In the ninth meet of the Goods and Service Tax (GST) Council, Finance Minister, Arun Jaitley admitted on Monday that July 1 would be the ‘realistic’ date to implement GST.

While pointing out that ‘significant headway’ was made in the GST meet today, Jaitley said that tax base under GST would be shared between the Centre and the States.

FM @arunjaitley briefing media after 9th GST Council meeting at Vigyan Bhawan, New Delhi. pic.twitter.com/PU3xrT0AFN

— Ministry of Finance (@FinMinIndia) January 16, 2017

On tax base, 90% of assesses with GST turnover below Rs 1.5 crore will be assessed by the individual states and assesses above Rs 1.5 crore will be assessed in equal ratio, Jaitley added.

States will also get the power to levy and collect Integrated GST in a '50:50 ratio,' Jaitley said.

The Council also agreed that States would be allowed to collect tax of economic activity within 12 nautical miles of its territorial waters.

Jaitley, who headed the meet today was earlier of the opinion that dual agencies auditing and scrutinising each taxpayer could end up acting at cross-purposes.

In its previous meetings, the council had come to an agreement on most of the clauses of the draft IGST law, which along with Central-GST (CGST) and State-GST (SGST) have to be passed by the Parliament and state legislatives respectively before the new tax regime can be rolled out.

The next meeting of the GST Council has been scheduled to be on February 18.

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GSTGoods and Service TaxGST CouncilArun JaitleyFinance MinisterEconomytax baseJuly 1
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

LATEST NEWS

Cipla shares hit new high; Sharekhan pegs target at Rs 1100 as Pharma giant doubles Remdesivir production

Pharma exports FY 2021: Indian made generics see HUGE demand; grows by 18 percent to $24.44 bn

Rajini, Kamal, Mohanlal and many others mourn Vivek's demise

India Covid 19 cases today: 1341 deaths, over 2.34 lakh coronavirus cases in 24-hour

7th Pay Commission Latest News: 'Special Allowance' extended for These Central government employees

FICCI writes to 25 CMs on Covid management, urges to avoid lockdown

Crude to be around $60 a barrel in 2021

Cyber agency cautions users against certain weaknesses detected in WhatsApp

Vivek, Tamil actor and comedian, passes away at 59 in Chennai hospital

GOOD NEWS! Modi Govt slashes Remdesivir MRP by half, with retro-effect—This is how much it will cost you now

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved