GST Council to meet in New Delhi today

The Goods and Services Tax, GST Council will meet in New Delhi today. The crucial three-day meeting of the council will decide on the tax rate and sort out issues like compensation formula for rollout of the new indirect tax regime from 1st of April next year.

The GST Council is a joint forum of the Centre and the States. The meeting will also deliberate on the vexed issue of the Centre retaining power to assess 11 lakh service tax filers under the new dispensation.

At its previous meeting last month, GST Council has approved five sets of



draft rules in its second meeting. The draft rules are related to registration, payment, refund, returns and invoices of debit and credit notes. The GST Council had finalised area-based exemptions and how 11 states, mostly in the North-East and hilly regions, will be treated under the new tax regime. 

The finance ministry will try and reach a consensus on the key issues so that the subsequent central GST (CGST) and integrated GST (IGST) legislations can be introduced in the month-long Winter Session of Parliament beginning November 16.