New Delhi: Moving close to turn out GST from April 1, Centre and states on Thursday agreed on a timetable for final on the tax rate & completion of legislative work but differences remained on the turnover limit for release from the new tax.
The first conference of the newly composed GST Council saw states like Tamil Nadu & Uttar Pradesh demanding a larger say than one-state-one-vote principle that sets a smaller state on equal footing with a large manufacturing one.
While their demand was overruled, consensus also avoided first day of the meet over the issue of exemption to dealers from the Goods & Services Tax (GST). While some states called traders with turnover of Rs 10 lakh or less be exempted, a large number, with Delhi, were in favour of the limit being fixed at Rs 25 lakh in a year.
Including tax collected from traders being just 2 % of the total tax collection, majority view was in favour of a high exemption limit.
The GST Council, which is command by Union Finance Minister Arun Jaitley & includes representatives of all the 29 states and 2 union territories, will pursue Friday.
Today, starting from Sept 22, we forcefully have two months time till 22nd November to resolve all outstanding issues & so a draft timetable was given which also have been adopted, Jaitley said.