Union finance minister Arun Jaitley is in Srinagar to chair the 14th Goods and Services Tax (GST) Council meet that deliberates on tax rates on commodities and services.
Over the next two days, the summit will fit most goods and services in the 5, 12, 18 or 28% tax bracket. The rates fixed will be charged from July 1, the scheduled date for rolling out GST.
The meeting, attended by finance ministers of states and union territories, is being held amid tight security at the Sher-I-Kashmir International Conference Centre (SKICC) on the banks of the Dal Lake. Kashmir’s top cops are overseeing arrangements.Watch GST Council: Jaitley, state ministers meet in Srinagar amid tight security With HD Quality.
Union finance minister Arun Jaitley is in Srinagar to chair the 14th Goods and Services Tax (GST) Council meet that deliberates on tax rates on commodities and services.
Over the next two days, the summit will fit most goods and services in the 5, 12, 18 or 28% tax bracket. The rates fixed will be charged from July 1, the scheduled date for rolling out GST.
The meeting, attended by finance ministers of states and union territories, is being held amid tight security at the Sher-I-Kashmir International Conference Centre (SKICC) on the banks of the Dal Lake. Kashmir’s top cops are overseeing arrangements.Watch GST Council: Jaitley, state ministers meet in Srinagar amid tight security With HD Quality
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Catch is a contemporary new digital platform about the ideas and events shaping the world. It aims to filter and provide news-on-the-run for an impatient new generation. It offers greater insight for influencers and the deeper consumer of news. When opinions are shrill and polarized, we hope to create a middle ground and build bridges. When there is a set thinking, we hope to stand apart and go against the wind. The world is complex, exciting, layered, evolving, always interesting. We hope to be the same.
Lots of videos and lots more in the pipeline. Stay tuned.Watch FM Jaitley chairs 32nd GST Council meet With HD Quality
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Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.These states will now be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.'Rs 40 lakh will be the exemption limit for all states, and Rs 20 lakhs for NE and hill states with a caveat that they can opt for higher threshold,' he added.The raised exemption threshold will allow around 20 lakh taxpayers to opt out of GST if they chose to.
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