Finance Minister Arun Jaitley, who met his state counterparts today, said the GST Council will finalise the tax rate and slabs at its meeting between October 17-19.
The crucial issue of the exemption threshold ahead of the rolling out of the landmark Goods and Services Tax (GST) was resolved today with the government fixing Rs 20 lakh limit, except in the north-east where the limit is Rs 10 lakh.
“For GST, the exemption threshold is fixed at Rs 20 lakh. So those with a turnover of below Rs 20 lakh annually will be exempted from GST. With the north-east states, the exemption threshold is Rs 10 lakh,” Finance Minister Arun Jaitley said today.
Jaitley, who met the finance ministers from the states, said the GST Council will finalise the tax rate and slabs at its meeting between October 17-19.
“Those who have an annual turnover of less than Rs 1.5 crore will be assessed by the state authorities,” the Finance Minister said.
Jaitley hoped all pending issues will be thrashed out in due course for a uniform pan-India indirect tax regime to take effect from the targeted date of April 1 next year.
The target rollout of the GST will depend on the passage of the Central GST and the Integrated GST (IGST) bills in Parliament and the respective State GST bills by each state.
Most states have ratified the tax legislation.