GST Council approves amended minutes, compensation law details, and Model GST Law changes on tribunal, allocations, and definitions. The Council adopted amended Minutes of its 9th meeting with textual corrections and revised taxpayer allocation rules: new registrants to be initially split one each between Centre and State, with year-end redistribution using a 90% State/10% Centre formula for turnover below Rs. 1.5 crore and 50:50 for turnover above; deletion of the clause permitting States to unilaterally consult the Centre to vary division; and refinement of cross-empowerment under IGST reserving place-of-supply adjudication to the Central authority while referring specified export/import issues to the Law Committee. The Council approved the drafted Compensation Law with defined Fund mechanics and approved multiple Model GST Law amendments including tribunal composition, penalty-waiver power, Schedule II/III/IV changes, dropping the CAG provision, and a focused definition of 'agriculturist'.
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GST Council approves amended minutes, compensation law details, and Model GST Law changes on tribunal, allocations, and definitions.
The Council adopted amended Minutes of its 9th meeting with textual corrections and revised taxpayer allocation rules: new registrants to be initially split one each between Centre and State, with year-end redistribution using a 90% State/10% Centre formula for turnover below Rs. 1.5 crore and 50:50 for turnover above; deletion of the clause permitting States to unilaterally consult the Centre to vary division; and refinement of cross-empowerment under IGST reserving place-of-supply adjudication to the Central authority while referring specified export/import issues to the Law Committee. The Council approved the drafted Compensation Law with defined Fund mechanics and approved multiple Model GST Law amendments including tribunal composition, penalty-waiver power, Schedule II/III/IV changes, dropping the CAG provision, and a focused definition of 'agriculturist'.
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