16 January, New Delhi
Union Finance Minister Arun Jaitley Monday said the GST roll-out has been deferred to 1st of July this year as it seems to be a more realistic date. Earlier, the government had set 1st of April,2017 as the deadline to roll out the new tax regime.
Briefing reporters in New Delhi after the GST Council meet, Jaitley said, the Council has arrived at a decision on dual control and cross empowerment issue. He said, the entire taxation base in the GST system will be shared between the assessment machinery of states and center.
He also said in case of assesses with GST turnover of 1.5 crore rupees or less, 90 per cent will be assessed by states and 10 per cent by administrative setup of centre. Jaitley said, GST turnover of above 1.5 crore rupees will be assessed in the ratio of 50:50 by States and Centre.
Finance minister also said states will be empowered to collect tax on any economic activity in marine region. He said, as territorial waters come under jurisdiction of the Centre but States will be empowered to levy and impose tax on their economic activities.
Jaitley said, the next GST Council meeting will be held on 18th of next month to approve drafts of supplementary legislations including IGST.