At the end of its first meeting, the GST Council has arrived at a broad consensus, agreeing on Rs 20 lakh per annum as the standard threshold for GST exemption and Rs 10 lakh per annum as the threshold limit for 10 states, of which seven are North-Eastern.
Additionally, the Council has agreed to adopt an “element of dual control and cross empowerment” between the Centre and state in the administering of GST, said Finance Minster Arun Jaitley in a media briefing after the Council meet.
The finance minister also said that the Council has set financial year 2015-16 as the base year to determine compensation for revenue lost by states once GST is implemented.
On September 30 the Council may decide on draft GST rules.
The next formal meeting of the GST Council will take place on October 17-19. It is in that meeting that the Council will deliberate on the revenue neutral rate and the applicable GST rates on various categories of goods and services, said the finance minister.