KCC Group has been involved in extensive research on GST ever since it was conceptualised and getting closer to becoming a reality. Since the law of GST is underway however through this portal we would be providing you with the decisions taken by the GST Council which comprises of Finance Ministers from all the states and is headed by Union Finance Minister.
The Act was passed in accordance with the provisions of Article 368 of the Constitution, and has been ratified by more than half of the State Legislatures, as required under Clause (2) of the said article. On 12 August 2016, Assam became the first state to ratify the bill.
The eighth meeting of GST council has reached consensus on most of the provisions of Integrated GST and they have also finalized the contours of the law that would govern this levy but the council is yet to take a decision on the following four important issues
a) Administration of tax as the states are unlikely to give on their demand of exclusive jurisdiction over assesses with turnover upto 1.5 Crore.
b) Compensation to the states for the taxes collected by the centre.
c) Unanimous decision with regard to the coastal states saying that distance upto 12 nautical miles should fall within the state jurisdiction whereas the draft I-GST law was looking at having taxation rights with the Centre.
d) Decision to be taken as per the representation made by the six sectors including banking, insurance, IT, telecom and civil aviation for a single registration either with centre or with the states under the new regime.
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