New Delhi, Sep 22 (IANS) Finance Minister Arun Jaitley on Thursday expressed the hope that all pending issues will be resolved in due course for a uniform pan-India indirect tax regime taking effect from the targeted date of April 1 next year.
Chairing the first meeting here of the newly-constituted Goods and Services Tax (GST) Council, Jaitley said the issue on the threshold limit in terms of turnover to exempt smaller firms from the system and the actual rates of taxes on various commodities needs to be reconciled.
“The GST council meet was held in true federal spirit, (we) have received two suggestions on the threshold for exemptions,” the minister said after the GST Council meeting.
The minister elaborated that some states wanted a Rs 10 lakh threshold, while others proposed a Rs 25 lakh exemption limit for applicability of the new national sales tax.
The Finance Minister said there was time till November 22 to resolve all outstanding issues related to the GST.
The minister added that the central and state governments have agreed on a timetable for deciding the GST rate and completing legislative business.