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Threshold annual turnover for levying GST should be retained at Rs.10 lakh: State FMs

Tags: GST, Centre, state, petroleum, alcohol, tobacco, Abdul Rahim Rather

November 12, 2014 | COMMENTS ( 5 )

Threshold annual turnover for levying GST should be retained at Rs.10 lakh: State FMs

The empowered committee of state FMs has announced that the threshold annual turnover for levying GST should be reserved at Rs.10 lakh and the GST is likely to be introduced by Ist April, 2016.

“The Centre had urged that the threshold annual turnover for levying GST should be increased to Rs 25 lakh from Rs 10 lakh,” GST empowered committee chairman Abdul Rahim Rather told PTI.

He further added, "But finally the committee took a decision that they will go by the decision that is already taken that is Rs 10 lakh.”

Whereas states expressed concern that petroleum, alcohol and tobacco should not come under GST purview.

"States have already said that petroleum, alcohol, tobacco should be excluded from GST. We are waiting for response from Centre. We have not received the revised draft Bill. We will discuss and offer our comments (after we receive it)," said Rather in an interaction with PTI.

The sub-committee has kept the rate of S-GST at 13.91 per cent and C-GST at 12.77 per cent.

"I have made it abundantly clear to the Government of India because that will be in the true spirit of cooperative federalism. States should be carried along. If all goes well, the Constitutional Amendment Bill is carried in Parliament by both the Houses, I think the 2016 target roll out date is achievable," said Rather.

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