Goods and Services Tax Go live on July 1, 2017
By Ranjeet Mahtani & Sweta Rajan The 16th and 17th meetings of the GST Council took place on June 11 and 18 respectively. During these meetings, various decisions were taken, the key aspects of which are summarised below. Most importantly, it was unanimously decided that the GST regime will be introduced with effect from July 1, 2017. Key decisions taken by the GST Council over the last ten days: Composition scheme: The threshold of annual turnover for availing the composition scheme has been fixed at Rs 75 lakhs for traders, manufacturers and restaurant service providers in all states except in the case of nine special category states (north-eastern states) where the threshold is fixed at Rs 50 lakhs. The turnover limit for the composition levy ...
