22 August, 2014

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States agree on GST threshold but fail to get much further

Despite the Modi government’s readiness to address some of the concerns of states over the proposed goods and services tax (GST), consensus on the contentious issues continues to be elusive.

The empowered committee of state finance ministers that met here on Wednesday agreed to adopt a turnover threshold of Rs 10 lakh for traders to register for GST but has demanded audit and enforcement powers over small traders who would be exempt from dual controls.


This means in the case of traders with a turnover between R10 lakh and R1.5 crore, the states would not only have the powers to collect the taxes but also to enforce compliance.


Source : http://www.financialexpress.com/news/states-agree-on-gst-threshold-but-fail-to-get-much-further/1281047

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