Finance Minister Yanamala Ramakrishnudu expressed his reservations on the issue of taxation powers of the States within 12 nautical miles of the territorial waters, at the 10th Goods and Services Tax (GST) Council meeting held at Udaipur in Rajasthan on Saturday.
Among key measures, the Council today gave its nod to anti-profiteering clause that wants to front-load low tax rate benefits to consumers, according to CNBC-TV18.
The Centre proposes to get all the three draft bills passed in the second half of the budget session of the Parliament and, therefore, it will be crucial for the Council to approve it in its next meeting on March 4-5. In the case of the Central GST Bill, the State GST Bill and the Integrated GST Bill, the council discussed some issues that had come up during the legal vetting process and gave its views, said Jaitley.
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Earlier a PTI report mentioned that the government is keen to roll out the new regime from July 1 but for that, it will have to get two laws - the C-GST Act and I-GST Act - approved by Parliament and each of the state legislatives have to pass the S-GST Act. He said that all the states have agreed over the most of the points of the model GST law. Besides, there is an IGST law and Compensation law.
The all-powerful GST Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all states, had in its last meeting on January 16 agreed that 90 per cent of tax assessees below Rs 1.5 crore annual turnover will be assessed by states and the remaining 10 per cent by the Centre. But in course of supply, a 20 percent tax is paid, whose input credit is taken. A central government official, however, said the ratio of division would be decided only after achievement of a certain threshold by the new registrants after a certain period of time.