https://www.taxtmi.com/news?id=16652 Agreement establishes a GST exemption threshold with lower differentiated limits for north-eastern and hill states, narrows the exemption list, and subsumes all cesses into GST. States will exercise exclusive administrative control over dealers up to a specified turnover ceiling; a mechanism will allocate regulatory responsibility for larger dealers to either the Centre or a state to avoid dual control. The Centre will retain control over existing service tax registrants. Broad principles for compensating states for transitional revenue impact were discussed and a base year for revenue comparison was indicated, with further methodology and rate-setting deferred to future meetings. en-us Sat, 24 Sep 2016 07:15:49 +0530 Sat, 24 Sep 2016 07:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16652 Agreement establishes a GST exemption threshold with lower differentiated limits for north-eastern and hill states, narrows the exemption list, and subsumes all cesses into GST. States will exercise exclusive administrative control over dealers up to a specified turnover ceiling; a mechanism will allocate regulatory responsibility for larger dealers to either the Centre or a state to avoid dual control. The Centre will retain control over existing service tax registrants. Broad principles for compensating states for transitional revenue impact were discussed and a base year for revenue comparison was indicated, with further methodology and rate-setting deferred to future meetings. News - Sat, 24 Sep 2016 07:15:49 +0530 https://www.taxtmi.com/news?id=16652