Good and services tax is likely to roll out across the country from July 1, 2017. As earlier, it was scheduled to be implemented from April 1, 2017.
On Monday, Finance Minister Arun Jaitley after GST council meeting addressed the media and said all the taxation with GST turnover over Rs 1.5 crore would be equally assessed by the state and the centre.
All the assesses with annual turnover below Rs 1.5 crore would be divided in ratio of 90:10, as 90 percent of them will be assessed by the states whereas 10 percent by the centre.
Good and service Tax is expected to convert India into world’s biggest single market by replacing state and local taxes with a single unified value added tax system.