Arun Jaitley addresses media on Goods and Services Tax rate.
The decision-making body of the GST Council, which consists of Finance Minister Arun Jaitley and his counterpart from each state, has to decide the rate of tax, which must then be approved by parliament. The next GST council meet is from November 4 to November 10.
Here are the highlights: - Rates dependent on the source of funds on which the compensation to losing states to funded.
- Source of funds on basis of which compensation to losing states will be funded,on this issue we're virtually converged towards a consensus.
- But till such time a formal decision is taken because officers of state and centre have to work out implications of that consensus.
- I would say that we have converged towards a consensus, formal announcement after working out details will be made in next meet.
- One assessee must only be assessed by one authority.
- Whether If the Centre or State is to assess the assessee depends on how dual authority is to be managed.
- Next GST council meeting at 3-4 November at New Delhi; hopefully a decision is arrived at.
- Only thing that will remain is draft legislations.
- Slabs must be at minimum, a good target. So is minimum burden on tax payer.