The all-powerful GST Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all states, had in its last meeting on January 16 agreed that 90 per cent of tax assessees below Rs 1.5 crore annual turnover will be assessed by states and the remaining 10 per cent by the Centre.
The council has approved the final draft of law to the states.
The next meeting on GST bill implementation will be held on March 4, 2017 and March 5, 2017. S-GST law, after approval of the Council, will need to be passed by each state legislature. "On March 4-5, the legally vetted drafts for all important bills will be presented to the Council", Jaitley said after the 10th GST Council meeting.
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Jaitley said the GST Compensation Law that provides for compensating states that incur losses because of implementation of the Goods and Service Tax (GST) in first five years was approved by the Council today.
It's necessary that enabling laws be completed by second half of budget session.
The Centre and states failed to agree on the details of two bills crucial to triggering a Goods and Services Tax (GST) on Saturday, which possibly clouds the roll out of the country's biggest tax reform from July.
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The key issue that remains to be worked on is a decision on which goods and services get taxed at what rate.
Talking on different tax slabs, Jaitely said, "One major meeting of GST Council will be required to give approval to putting goods and services in different tax slabs".
"That is the power which the CAG already has under the CAG Act".
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The Finance Minister said the council did not discuss the anti-profiteering clause in today's meeting. A sub-committee of the GST Council's made up of central and state officials had discussed the draft of Friday.