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GST: Consensus on dual control reached, says Arun Jaitley
In a major boost for the government, Finance Minister Arun Jaitley on Monday informed that a consensus between the state and the centre has been reached on dual control of the goods and services tax (GST).
New Delhi: In a major boost for the government, Finance Minister Arun Jaitley on Monday informed that a consensus between the state and the centre has been reached on dual control of the goods and services tax (GST).
Addressing the media, after the GST meet, Jaitley said all the ministers of the states present have agreed for consensus except the minister of West Bengal.
A decision has been arrived at on cross empowerment and dual control issue of GST, said Jaitley while addressing the media post a meeting.
The entire taxation base will be shared between assessment machinery of Centre and states, the FM added.
90 percent of GST taxpayers with up to Rs 1.5 cr turnover will be assessed by states, 10% by Centre, said Jaitley adding that those above Rs 1.5 cr to be assessed 50:50 between Centre-state.
The all-powerful GST Council, headed by Jaitley, met for the ninth time today with the issue of who gets to administer the Goods and Services Tax (GST) being the single biggest issue on agenda.
The council has been deadlocked in the last four meetings, the last one being on January 4, with states seeking sole powers to control assessee with annual turnover of up to Rs 1.5 crore.
Centre, however, is not in favour of a horizontal split as it feels states do not have the expertise to administer levies like service tax.
Jaitley is also not favour of dual agencies auditing and scrutinising each taxpayer as he reckons multiple authorities could end up acting at cross-purposes.