On second day of the GST Council meeting, Finance Minister Arun Jaitley while addressing media said following:
– Exemption threshold for GST has been fixed at Rs. 20 lakhs, while threshold in North-East States has been set at Rs. 10 lakhs.
– Players with annual turnover of less than Rs. 1.5 Cr will be assessed by State Authorities.
– All cesses will be subsumed under the new regime.
– GST Council will finalise tax rate and slabs at its meeting on October 17 to 19.
– Base year for compensation to be FY 2015-16