GST rate to be decided in October
GST council fixed the annual turnover limit for exemption at Rs 20 lakh and resolved that all cesses will be subsumed in GST. On September 30, the meeting of the council will finalise draft rules on granting exemptions, the GST rate and tax slabs will be decided at its three day meeting beginning October 17. “The annual exemption threshold for levy of GST would be Rs 20 lakh and 10 lakh in the north eastern and hill-states. All items including cess would be included in GST,” said Finance Minister Arun Jaitley.
Tags : News/Views