Tuesday, 17 January 2017

New indirect tax regime to be rolled out from July 1

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The Centre and states have reached a consensus on sharing powers for control over taxpayers under GST but the new indirect tax regime will now be rolled out from July 1 instead of previously planned April 1, said media reports. The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split with regard to taxpayers based on annual turnover. 

According to the decision reached at the 9th meeting of all-powerful GST Council, states will have powers to assess and administer 90 per cent of the taxpayers under Rs 1.5 crore annual turnover while the remaining would be controlled by the Centre.

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