GST: Centre, States Reach Consensus on Sharing of Tax Base
GST turnover of above Rs 1.5 cr will be assessed in the ratio of 50:50 between the states and the Centre.
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The stalemate over the administration of GST was finally broken on Monday, as the Centre and states reached a consensus on a decision on cross empowerment and dual control.
Speaking to the media on Monday, India’s Finance Minister Arun Jaitley said that it has been decided the entire taxation base will be shared between the assessment machinery of the Centre and states.
The Finance Minister explained that GST turnover of above Rs 1.5 crore will be assessed in the ratio of 50:50 between the states and the Centre.
90 percent of GST taxpayers with up to Rs 1.5 crore turnover will be assessed by the states, and 10 percent by Centre. Those above Rs 1.5 crore will be assessed 50:50 between Centre and the state.
Arun Jaitley, Finance Minister, India
He also said that intelligence-based enforcement powers will be vested with both the Centre and the states.
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